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Visa Vies For Top Spot In Mobile Payments Arena

Posted On: 8/11/2011

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SAN FRANCISCO -- Visa Inc. is intent on grabbing a dominant piece of the mobile payments pie and has been moving rapidly to get in on the ground floor.

The credit card giant is developing its own "digital wallet" that goes head to head with the new Google Wallet. The smartphone system will store Visa and non-Visa payments accounts, support NFC payments and deliver a wide range of transaction services to accommodate multiple ecommerce, mobile commerce, micropayments, social networks and person-to-person payments.

Visa is already implementing a near field communications (NFC) payment system in more than a dozen countries, including the U.S., Canada and the United Kingdom. In March, the credit card company struck a deal with Samsung to use special SIM cards at the 2012 Olympics in London that will enable contactless payments using a cellphone.

The global payments technology company has also gobbled up a number of key players in recent months. It also formed strategic alliances with others to ramp up its presence in the mobile payments space.

Visa recently purchased a company called Playspan, creator of a widely used payments platform for digital goods in online and mobile games. Visa also acquired Fundamo, which developed a mobile financial services platform for customers with little to no access to a bank account, and integrated it with Visa's global payments network, VisaNet.

Additionally, Visa has entered an agreement with Monitise, a company that offers mobile and person-to-person payments, mobile transaction alerts and related services to Visa account holders on their mobile phones.

See more on Visa's global strategy for next-generation mobile payments on YouTube.