Latest News: Technology |  Celebrity |  Movies |  Apple |  Cars |  Business |  Sports |  TV Shows |  Geek

Trending

Filed under: News | Shopping Tips

 

Visa, MasterCard offer more phone payment options

1 Updates
Visa, MasterCard offer more phone payment options
 
 

YouTube Videos Comments

Full Story

Visa, MasterCard offer more phone payment options

NEW YORK (AP) — Visa and MasterCard are introducing Internet-based technologies to make it easier for shoppers to buy things at retail stores without pulling out a credit card.

The two technologies, announced separately on Wednesday, will give merchants and banks more options for incorporating so-called contact-less payment systems into their mobile apps. The customer uses the app to make purchases by tapping the phone to a store's card reader.

The technologies tap a new feature in Google's Android operating system. Before, card information had to be stored on a secured part of the phone. Now, it can be stored remotely instead. A retail or banking app on the phone then retrieves what's needed to complete the transaction.

Visa said it will provide app developers with a complete service, with card information stored on Visa's servers.

MasterCard said it will publish technical details by the end of June to help companies use the new Android feature, known as Host Card Emulation. MasterCard said it has been testing the technology with two major banks, Capital One in the U.S. and Banco Sabadell in Europe.

"The use of HCE provides a very attractive way forward to launch an increased number of NFC-based offerings," said James Anderson, MasterCard's group head for emerging payments, said in a statement.

Visa and MasterCard are both targeting phones that have a wireless technology called near-field communication. Many Android phones have that, and the remote storage capabilities come with the Kit Kat version of Android, which was released last fall. Apple's iPhones lack NFC, but cases are available to enable that technology.

Visa said it will make tools available for app developers to incorporate payment capabilities. The customer can then use a smartphone instead of a plastic credit card at stores, transit systems and other places that accept contact-less payments.

The hope is to encourage greater use of contact-less payments, which experts say offer more security protections than plastic. The card number is stored in encrypted form and can be easily disabled remotely if a phone is lost or stolen. Mobile systems also permit easier use of one-time card numbers, which won't work for additional transactions and are useless should a merchant's computers get hacked.

Sam Shrauger, Visa's senior vice president for digital services in developed markets, said having payment information on remote servers is cheaper and easier to operate than using the phone's hardware.

With hardware-based systems, he said, wireless carriers and device makers sometimes restrict what can be done. Many U.S. carriers had blocked or made it difficult to get Google's NFC-based Wallet app, for instance, as they were developing a competing system, Isis.

Visa and MasterCard made the announcements ahead of the Mobile World Congress wireless trade show, which takes place in Barcelona, Spain, next week.

Source: AP

 

iPad Air Giveaway. Win a free iPad Air.

You Might Also Like

Updates


Sponsored Update


Advertisement


More From the Web

Shopping Deals

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

 

Comments

blog comments powered by Disqus

Latest stories

The Crew Preorder 20% Off In Time For Monday&#039;s Beta
The Crew Preorder 20% Off In Time For Monday's Beta
You'll have to preorder The Crew on PC to get access to Monday's new Beta, fortunately there's a 20% off discount if you know where to look.
 
 
&#039;NFL Now&#039; Launches on Apple TV With Breaking Football News and Highlights
'NFL Now' Launches on Apple TV With Breaking Football News and Highlights
The video content can be viewed on the iPhone, iPad, Mac (via a web browser) and other connected devices such as Roku, Amazon Fire TV, and as of today, the Apple TV channel that was leaked earlier in the month.
 
 
Intel and Unity announce collaboration to bring Android support to x86 devices
Intel and Unity announce collaboration to bring Android support to x86 devices
Unity will add Android support for Intel’s current and future x86 chips, including the Core and Atom families.
 
 
iPad Air 2 will double-down on RAM
iPad Air 2 will double-down on RAM
The upgrade might be incoming due to the multi-window feature for iPad we’ve been hearing about.
 
 
 

About the Geek Mind

The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.

The “geek mind” is concerned with life, in all its different forms and facets. The geek mind wants to know about societal and financial issues, both abroad and at home. If a Fortune 500 decides to raise their minimum wage, or any high priority news, the geek mind wants to know. The geek mind wants to know the top teams in the National Football League, or who’s likely to win the NBA Finals this coming year. The geek mind wants to know who the hottest new models are, or whether the newest blockbuster movie is worth seeing. The geek mind wants to know. The geek mind wants—needs—knowledge.

Read more about The Geek Mind.