Visa (V), Intel (INTC) Enter Mobile Payment Development Agreement

Visa Inc. (NYSE: V) and Intel Corporation(Nasdaq: INTC) announced a strategic agreement to develop mobile commerce solutions tailored to consumers in developed and developing countries. During a press conference at Mobile World Congress in Barcelona, the companies outlined plans to collaborate to ensure consumers enjoy a consistent, streamlined, secure mobile commerce experience across Intel Atom-based smartphones and tablets.

Initial elements of the agreement:

• Visa has certified Intel’s Smartphone Reference Device powered by the Intel Atom processor Z2460 for use with Visa payWave, Visa’s mobile payment technology that enables consumers to make fast and secure payments at retail locations by simply waving their mobile phone in front of a payment terminal. This will enable turn-key implementation for OEMs delivering NFC-enabled smartphones.
  
  
• The Intel Smartphone Reference Device will host the Visa payWave payment application and features NFC (Near Field Communication) technology, the short range communications standard that enables mobile phones to securely transmit payment information to a payment terminal.
  
  
• When used in combination with a Visa-compliant UICC, smartphones based on the Intel Smartphone Reference Device handset can be enabled to connect to Visa Inc.’s mobile provisioning service providing financial institutions and mobile operators the means to securely download Visa payment account information and the Visa payWave application “over the air” to a secure chip on an NFC-equipped smartphone. The connection to Visa’s mobile provisioning service can be enabled by a Trusted Services Management platform, such as Giesecke & Devrient’s (G&D) platform.

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