November 25, 2020

Visa Introduces a Credit Card on a Phone

Visa is introducing a cellphone payment system that is more than sticker-thin. The service is currently available only in Malaysia, but it will be expanded to other countries in coming years.

Like some phone payment schemes already used in Japan, the Visa service uses a chip on the phone to communicate with a payment terminal. But the latest version is based on a global standard for phones and telephones called near field communications.

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Is Your Next Credit Card Your Cell Phone?

Get ready to retire that worn leather wallet. If some of the country’s biggest tech companies have their way, all the plastic cards crammed into your billfold will soon find their way into your phone.

Apple is planning to introduce a service that would let consumers use their iPhones and iPads to purchase products, essentially turning a user’s cell phone into a credit or debit card, according to a Bloomberg report.

Citing Richard Doherty of consulting firm Envisioneering Group, the report said Apple plans to embed NFC (near field communication) chips into its next generation iPhones and iPads that can beam and receive information within a distance of up to 4 inches.

Instead of swiping plastic to pay at the register, a user could just take out a cell phone and wave it near an NFC-enabled reader. The purchase amount would be deducted instantaneously.

When reached by ABCNews.com, Apple spokeswoman Natalie Harrison said the company does not comment on rumor and speculation. But the report has industry watchers buzzing about the potentially game-changing technology that could eventually transform cell phones into so-called digital wallets.

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