How Visa Plans To Dominate Mobile Payments, Create The Digital Wallet And More
Leena Rao currently works as a writer for TechCrunch. She recently finished graduate school at the Medill School of Journalism at Northwestern University, where she studied business journalism and videography. From 2004 to 2007, she helped lead Congresswoman Carloyn Maloney’s community outreach and relations efforts in New York City. She graduated from Columbia University in 2003, where she was... → Learn More
It’s no secret that credit card companies are shelling out big bucks and aggressively forming partnerships and deals to start cashing in on the mobile and digital payments innovations currently taking place. American Express, which recently debuted its own digital payments product Serve , has been particularly aggressive on the partnerships front, striking recent deals with both Foursquare and Facebook . Mastercard has bet on NFC with a partnership with Google for Google Wallet and bought online payments gateway DataCash for $520 million last fall. And Visa has made a number of major moves in the mobile and digital payments space of late; including making an investment (and taking on an advisory role) in disruptive startup Square, buying virtual goods payments platform PlaySpan for $190 million, and acquiring mobile payments company Fundamo for $110 million. We sat down with Visa’s Global Head of Mobile Product Bill Gadja and the company’s Head of Global Product Strategy, Innovation and eCommerce Jennifer Schulz to discuss how the financial company is planning to compete in both mobile and digital payments.
MOBILE
Gadja explains that there are three prongs to Visa’s mobile payments strategy. One of these is NFC, and focuses on payments using a mobile phone at a physical store. For background, NFC (near field communications) enables people to make transactions, exchange digital content and connect electronic devices with a simple touch. As we’ve seen with Google Wallet , Android phones such as the Nexus S are being built with NFC chips, making your cell phone a mobile wallet. Visa recently joined the ISIS network, a NFC mobile payment network that is a joint venture formed by AT&T, T-Mobile and Verizon. ISIS will soon launch in a number of markets, including Utah and Texas.
Gadja explains that Visa is licensing mobile payments applications PayWave for integration with the ISIS wallet and the company is actively looking for other ways to integrate with NFC into the company’s mobile payments structure.
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So Visa has partnered with a number of large-scale retailers (which will be announced soon) to integrate what Schulz refers to as a 'new acceptance mark' on a merchant payments page. So there will be a button you can click on, which will prompt you to
“This is a pr coup for them.” Isis plans to roll out its system next year in Salt Lake City, Utah, and Austin, Texas. Its first announced merchant is the Utah Transit Authority, which accepts contactless general-purpose cards for fare payments.
As part of the new policy, according to Reuters, Visa will lower the variable rate charged for each transaction and add an as-yet-undetermined participation fee that will be based on a merchant's size and its number of locations.
Last month, American Express, as well as rival financial services providers Visa, MasterCard and Discover, officially joined Isis, the mobile commerce joint venture spearheaded by Verizon Wireless, AT&T (NYSE:T) and T-Mobile USA.
A payment card breach at a Texas eatery raises new questions about merchant card security and restaurants' vulnerability to fraud. According to authorities with the Huntsville, Texas, Police Department, some 200 people have reported fraudulent debit
How Visa Plans To Dominate Mobile Payments, Create The Digital ...
It’s no secret that credit card companies are shelling out big bucks and aggressively forming partnerships and deals to start cashing in on the mobile and digital payments innovations currently taking place. American Express, which recently debuted its own digital payments product Serve, has been particularly aggressive on the partnerships front, striking recent deals with both Foursquare and Facebook. Mastercard has bet on NFC with a partnership with Google for Google Wallet and bought online payments gateway DataCash for $ 520 million last fall. And Visa has made a number of major moves in the mobile and digital payments space of late; including making an investment (and taking on an advisory role) in disruptive startup Square, buying virtual goods payments platform PlaySpan for $ 190 million, and acquiring mobile payments company Fundamo for $ 110 million. We sat down with Visa’s Global Head of Mobile Product Bill Gadja and the company’s Head of Global Product Strategy, Innovation and eCommerce Jennifer Schulz to discuss how the financial company is planning to compete in both mobile and digital payments.
MOBILE
Gadja explains that there are three prongs to Visa’s mobile payments strategy. One of these is NFC, and focuses on payments using a mobile phone at a physical store. For background, NFC (near field communications) enables people to make transactions, exchange digital content and connect electronic devices with a simple touch. As we’ve seen with Google Wallet, Android phones such as the Nexus S are being built with NFC chips, making your cell phone a mobile wallet. Visa recently joined the ISIS network, a NFC mobile payment network that is a joint venture formed by AT&T, T-Mobile and Verizon. ISIS will soon launch in a number of markets, including Utah and Texas.
Gadja explains that Visa is licensing mobile payments applications PayWave for integration with the ISIS wallet and the company is actively looking for other ways to integrate with NFC into the company’s mobile payments structure.
Of course, some aren’t so bullish on NFC, notably eBay (who owns PayPal) CEO John Donohoe, who in a recent earnings call said merchants refer NFC “not for commerce.” And odd statement considering PayPal just dipped its toes in the NFC pool with support for Android.
Gadja tells is, “I think for some people NFC will replace the actual physical credit card but it will be a long time before NFC replaces all payments.” He believes that we are going to start seeing more traction by end of this year but says the capability of “taking credit cards and putting them on mobile phones will represent the long tail” in payments. But he adds, “the pieces are in place for NFC to take off.
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