The reality of purchasing goods via a smartphone took a step closer to reality, with Wells Fargo & Co., testing Visa’s ‘payWave’ technology, which has been developed for the credit card company by DeviceFidelity. The idea is that payments are made via ‘contactless’ card payment terminals, where a consumer simply waves their phone at the terminal to make a transaction. All the data for the chip is held inside an inserted data card or protective case. ’Contactless’ card payment terminals are fairly standard throughout the USA and Europe.
Visa worked with DeviceFidelity for 18 months and trialled the device with financial institutions across Asia, USA, and Europe. Wells Fargo’s pilot study, is the biggest to be undertaken of Visa’s ‘payWave’ technology to date.
Isis, a joint venture by At&T Mobility, T Mobile USA, and Verizon Wireless, was announced last month and is thought to be similar to ‘payWave’. Isis is also to be expanded to include tickets, train passes, and reward cards.