Visa prepares contactless payment push

Visa has penned a deal with mobile money firm Monitise to develop contactless payments across Europe.

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The partnership will see the pair develop and roll out large-scale mobile banking services, such as text alerts for banking transactions, contactless payments and ultimately peer-to-peer transfers.

It builds on Visa’s €500m (£425m) investment in building such services that can work between different banks.

In December the financial services brand concluded a six-month contactless payments trial in Barcelona with O2-parent Telefònica.

The trial was conducted with 1,500 users and saw an average 30% increase in the number of e-payments.

Peter Ayliffe, CEO of Visa Europe, said, “This agreement places us in a position to deliver mobile services with incredible scale and processing efficiency, enabling our member banks to offer mobile payment services to both consumers and retailers.”

The deal comes as multiple mobile operators, including Everything Everywhere and O2, announced plans to launch mobile payments services in 2011.

This story first appeared on newmediaage.co.uk

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