Are Visa and Apple Hooking Up? – Exec Drops Hints
Visa’s global head of mobile product, Bill Gajda, has hinted that his company has “had discussions” with Apple in regard to the PayWave standard, according to a report by Fast Company.com.
The PayWave technology looks to expedite the payment process for consumers, allowing them to “wave” their card in front of a secure reader instead of the typical swipe. This new format will also waive the signature requirement for all purchases under $25.
Gadja discussed the future of the technology last week at the 2012 International CES Show in front of other industry heavyweights in an effort to make the implementation process frictionless. He emphasized that in heavily subsidized smartphone markets, such as the U.S., mobile operators might be more tight-lipped on their business offerings due to the competitive atmosphere.
He noted that in order to expand the usage of its PayWave system, “you need a handset that’s enabled, you need a merchant that’s enabled, you need a bank that’s given their permission, you need a mobile operator who’s given their permission to access one or more secure elements, you need a Trusted Service Manager in the middle, and you need a willing consumer.”
In addition to the rumored discussions with Apple, Visa announced last week that it had certified a number of Android smartphones to be compatible with its PayWave systems. Visa also licenses PayWave royalty free to Google and ISIS.
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