Visa (NYSE:V) and Samsung have agreed to work together to enmesh the next generation of mobile devices from the handset maker with Visa payment technology, and to partner with financial institutions to accelerate the availability of mobile payment solutions globally.
According to Visa's global head of product, Jim McCarthy, "The key to making mobile payments broadly available all over the world is to offer financial institutions a secure way to provision millions of smartphones with payment account information -- and that is exactly what Visa and Samsung are ready to deliver."
Samsung will offer banks the ability to load payment account information over the air to a secure chip embedded in the Samsung devices using Visa's mobile provisioning service, which is linked to Samsung's key management system, a service that creates secure data storage domains for issuers.
Near field communications, or NFC, is the global communication standard that enables mobile devices to securely communicate with a payment terminal. ABI Research forecasts that a total of 1.95 billion NFC-enabled devices will ship in 2017.