New Visa Innovation: Contactless Mobile Payments Via iPhone

How many times have you told  yourself how indispensable your iPhone is? Or how you can’t live without it? When it comes to fun and productivity, this gadget can definitely improve your life and entertain you at the same time. Now, there’s another reason why you can’t afford to lose your iPhone or let it out of your sight, because Visa is going high-tech by offering a mobile payment solution that lets iPhone users make purchases with a wave of their mobile devices. Visa is quick to partner up with DeviceFidelity to take advantage of the fact that approximately 40 to 50 million iPhones will be sold this year by launching this cutting-edge mobile payment technology for iPhone 3G and iPhone 3Gs owners.

payWave for iPhone: The Future is Here

payWave in itself is already a groundbreaking technology in the past, giving cardholders the ability to wave their credit cards at the checkout counter when they purchase items. Now, with a staunch partnership with the high profile DeviceFidelity, the payWave technology will be revamped to suit the Apple iPhone usage. This will be done by introducing a special protective iPhone casing containing a secure memory card that houses Visa’s contactless payment application.

Some may not be aware but payWave has already been established since the year 2007. It’s main rival is MasterCard’s PayPass solution that also lets consumers wave their credit cards in front of terminals in lieu of cash. However with the new payWave technology for iPhone, Visa is set to garner even more customers, setting it apart from its main competitor.

How the Visa mobile payments work
When you think about it, there are huge advantages attached to mobile payments via the ever popular iPhone and one of them is convenience itself. Let’s see what can be done with your trusty iPhone contained in this special Apple-approved case:

• Make payments at various retails stores nationwide
• Pay for fast food on the go (let’s not forget your favorite cup of Starbucks coffee)
• Quickly pay the cab driver by waving your iPhone instead of rummaging for cash
• Pay for tickets and other merchandise during sporting events (baseball, boxing, football)
• Pay for items from vending machines without digging for small change

Is Safety Guaranteed?

As with all new financial solutions, doubt will rise as to whether this new technology is safe or not. The common questioned being asked now is if iPhone owners will be protected from fraud if they lost their device. In fact, iPhone owners need not be worried because the payWave for iPhone technology has superior password protection features. It works just like a credit card. Once a loss is reported, steps will  be taken to deactivate the account.

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