Visa mobile payment in iPhone

New York: If everything goes fine Apple iPhone users will soon be able to make their payments through their device in front of the contactless payment terminal. The new technology developed by DeviceFidelity combines a protective iPhone case with secure memory card that hosts Visa's contactless payment application, dubbed Visa payWave.

The technology will work for both iPhone 3GS and iPhone 3G devices. Market trials of the payment-enabled iPhone are expected to start this summer.

iPhone users will be able to make Visa mobile payments in retail stores, at restaurants, in taxis, during sporting events, and also make purchases at vending machines that have contactless payment terminals.

Merchants throughout the U.S. have upgraded their payment terminals to allow consumers to make Visa mobile payments. The technology will also work with a majority of smart phones that have a slot for a memory card. By inserting the card into the memory slot on their phone, users can transform their existing mobile phones into a Visa payment device. Visa has already rolled out a similar technology in Malaysia and Japan, where consumers can make mobile payments in stores and restaurants.

The mobile payment application can be password protected and utilizes advanced security technology to uniquely identify each contactless transaction. In addition, all Visa mobile payments are backed by Visa's global processing network and analyzed for potential fraud in real-time. If the mobile device is lost or stolen, account holders should contact their issuer, as they would if their card was lost or stolen.