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Visa Partners With Nokia to Offer RFID-enabled Services
Although Visa has no immediate plans to develop payment-related services that leverage the peer-to-peer communications feature in the 6212, Nokia spokeswoman Elvira Swanson says the new phone provides a smart, sophisticated platform for Visa to advance its mobile payments and services strategy. "Lots of people have Visa cards in their wallets," Swanson explains. "Mobile is a new channel for us that allows us to extend our products, and allows us to interact with cardholders in ways that we've never been able to do."
The new payment services, which will first be made available for trial use by interested financial institutions, will let Nokia 6212 Classic customers that already have a Visa card to use their Visa phone to pay for goods and services. The phone would use the NIF module's card-emulation to function as a Visa payWave contactless card. Via a partnership with U.S. Bank (the lead bank of U.S. Bancorp), Visa will also begin a mobile money transfer pilot that lets Visa cardholders in the United States use their mobile phones to securely send funds directly to another registered Visa cardholder's account. The pilot, which is intended to begin by the end of 2008, is the first U.S.-based trial testing mobile money transfers between Visa accounts.
In addition, Visa cardholders participating in this pilot will be able to initiate money transfer transactions using a mobile Web browser to access a secure interface. The transferred funds will be credited directly to the recipient's Visa debit card account. The recipient can then access the funds by withdrawing the cash at an ATM or by using their Nokia 6212 phone or a Visa debit card to make a purchase at any merchant that accepts Visa. The first phase of the will enable domestic money transfers within the United States and will involve several Visa issuers, including U.S. Bank, and as many as 6,000 Visa account holders. Visa also plans to offer payment-related services such as transaction alerts that would be delivered to the 6212 Classic.
"Customers will be able to set preferences that trigger alerts whenever, for example, a transaction exceeds a dollar amount. The customer would get the alert almost exactly at the point of sale," she says.
Visa and Nokia have a history of working together on NFC-enabled payment services. In 2006, Visa and Nokia conducted a six-month trial in Atlanta's Philips Arena last year (see NFC Scores High at Atlanta Arena). A year later, Visa and Nokia, along with Wells Fargo, ran a three-phase pilot in the San Francisco Bay area to test consumer interest in using cell phones to function as contactless credit or debit cards. That project involved the Nokia 6131, which participants used to make purchases at simulated merchant locations at a Wells Fargo test site (see Visa and Wells Fargo Testing NFC Payments).
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The new payment services, which will first be made available for trial use by interested financial institutions, will let Nokia 6212 Classic customers that already have a Visa card to use their Visa phone to pay for goods and services. The phone would use the NIF module's card-emulation to function as a Visa payWave contactless card. Via a partnership with U.S. Bank (the lead bank of U.S. Bancorp), Visa will also begin a mobile money transfer pilot that lets Visa cardholders in the United States use their mobile phones to securely send funds directly to another registered Visa cardholder's account. The pilot, which is intended to begin by the end of 2008, is the first U.S.-based trial testing mobile money transfers between Visa accounts.
In addition, Visa cardholders participating in this pilot will be able to initiate money transfer transactions using a mobile Web browser to access a secure interface. The transferred funds will be credited directly to the recipient's Visa debit card account. The recipient can then access the funds by withdrawing the cash at an ATM or by using their Nokia 6212 phone or a Visa debit card to make a purchase at any merchant that accepts Visa. The first phase of the will enable domestic money transfers within the United States and will involve several Visa issuers, including U.S. Bank, and as many as 6,000 Visa account holders. Visa also plans to offer payment-related services such as transaction alerts that would be delivered to the 6212 Classic.
Visa and Nokia have a history of working together on NFC-enabled payment services. In 2006, Visa and Nokia conducted a six-month trial in Atlanta's Philips Arena last year (see NFC Scores High at Atlanta Arena). A year later, Visa and Nokia, along with Wells Fargo, ran a three-phase pilot in the San Francisco Bay area to test consumer interest in using cell phones to function as contactless credit or debit cards. That project involved the Nokia 6131, which participants used to make purchases at simulated merchant locations at a Wells Fargo test site (see Visa and Wells Fargo Testing NFC Payments).
