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Will mobile payment finally lift off?
Posted on 23-Sep-2003 22:13 | Filed under: News

I think the first mobile payment solution was Paypal. I signed for their first service and that was pretty cool. A program on for Palm Pilots (yes, the name used at that time) to allow beaming of eletronic cash using infrared. During the next Hotsync the service would transfer the balance from one account to the other.

Paypal then launched the e-mail service and other services later, taking the Palm program out of the market.

Now Nokia and Visa announced their cooperation in the field of mobile payments. The cooperation is centered on the new wallet application in Nokia handsets and the Verified by Visa service.

The new version of the wallet application, first introduced in the Nokia 6220 and Nokia 6600 phones, makes service access and mobile payment easy and convenient for mobile users. The application enables users to store a range of personal information, such as usernames and passwords for different mobile services, Visa payment card details, delivery addresses and personal notes, on their mobile phone and easily retrieve that data during a browsing session to fill in required data fields.

The needed data can be sent to the application over-the-air by service providers and card issuers or alternatively the consumers can manually enter data into the wallet All the data in the wallet is encrypted and the application can be accessed only with a wallet PIN code.

Visa sees the mobile phone and especially the new convenient wallet application to be a key component in the large-scale adoption of mobile commerce services. Nokia, in turn, supports the adoption of the Verified by Visa service into the mobile world as it gives both consumers and merchants more confidence while using mobile phones as key payment devices for both digital and physical goods. Modirum, a software company, has carried out extensive testing to verify the compatibility of the wallet application and the Verified by Visa service.

Nokia and Visa are demonstrating the wallet application and Verified by Visa at the Mobile Commerce World Europe 2003 event, taking place in Excel, London on 23-24 September 2003.


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