Google and Visa sign NFC licensing deal
Visa Inc, Visa Europe and Google have announced that Google has received a worldwide license to Visa payWave, Visas NFC-based payment technology.
Visa payWave allows consumers to make fast and secure payments at retail locations by waving their mobile phone in front of a payment terminal and is currently accepted at thousands of retail locations worldwide.
The agreement is the precursor to Visa-issuing banks worldwide to enable Visa account holders to add their credit, debit and prepaid accounts to future versions of Google Wallet, a new mobile application that turns a smartphone into a digital wallet.
“Mobile technology is transforming how people pay for goods and services,” said Jim McCarthy, global head of product, Visa Inc. “This agreement builds on Visa’s strategy of enabling consumers to make mobile payments with whatever device they choose using the trusted accounts they already have.”