Visa Invests In Mobile Payments

30th March 2007

Visa, the world's leading payment card company is taking active steps to ensure that it remains at the forefront of any cashless payments solutions by launching a mobile phone platform and is looking at teaming up with mobile phone companies to enable cashless transactions with a handset, known as m-payment or m-commerce.

Visa has also released the results of a recent survey, conducted online, that looked at consumer attitudes toward mobile payments. According to this study, 57% of those surveyed expressed an interest in getting a phone with a payment application included. The vast majority of these people were also prepared to pay more for a mobile device which had this payment feature included.

64% of consumers in the survey, who were aged 18 to 42 years said they would consider switching mobile operators from one that does not offer mobile payment options to one that does, while 58% said they would also consider switching financial institutions to gain access to mobile payment services.

Most of the people surveyed said they would prefer mobile purchases to pass through a credit or debit card network and appear on their card statement instead of appearing on a mobile phone bill.

"These numbers show me that younger consumers want the best of both worlds - they want the freedom and functionality of a mobile phone with the security, convenience, and ease of use of their debit or credit card," concluded a Visa spokesman.