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Visa (V), Samsung Sign Deal To Accelerate Mobile Payments

 February 25, 2013 12:10 PM
 


(By Balaseshan) Visa Inc. (NYSE: V) and Samsung signed a global alliance deal to accelerate mobile (Near Field Communication) payments. In addition, the payments network signed an agreement with ROAM to increase the availability of mobile acceptance solutions worldwide.

Visa and Samsung have agreed to work together to enable the next generation of Samsung mobile devices with Visa payment technology, and to partner with financial institutions to accelerate the availability of mobile payment solutions globally.

According to the agreement, financial institutions that are planning to launch mobile payment programs will be able to use the Visa Mobile Provisioning Service to securely download payment account information to NFC-enabled Samsung devices.

[Related -Visa (V) Call Options Look For Rebound]

In addition, Samsung has agreed to load the Visa payWave applet onto its mobile devices featuring NFC technology. Visa payWave is Visa's mobile payment applet that enables consumers to make "wave and pay" contactless payments using mobile devices.

Near Field Communication (NFC) technology is the global communication standard that enables mobile devices to securely communicate with a payment terminal. ABI Research forecasts that a total of 1.95 billion NFC-enabled devices will ship in 2017.

In a separate release, Visa said it has signed an agreement with ROAM, an Ingenico company and provider of mobile commerce, to enable merchants of all sizes to accept electronic payments using mobile technology.

[Related -Visa Inc (V) Q4 Earnings Preview: All Eyes On Volumes]

The companies aim to displace cash payments by expanding the reach of electronic payments to new merchant categories, and by making it easier for merchants and acquirers to take advantage of secure mobile acceptance solutions.

As part of the agreement with Visa, ROAM will participate in the Visa Ready Partner Program and has agreed to bundle its mobile point-of-sale hardware peripherals with Visa's acceptance solutions to offer merchants globally a cost-efficient and secure way to accept card payments.

V is trading down 0.41% at $158.78 on Monday. The stock has been trading between $111.94 and $162.77 for the past 52 weeks.

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