Visa started a four week trial period where mobile phones can not make touch-less payment transactions. This means you can now wave your phone in front of a terminal to make a purchase.
For purchases under $100 no PIN or signature is required and the customer has the option of receiving a receipt.
The technology is compatible with existing contact-less payment terminals already installed at more than 20,000 retail outlets across Australia, including fast food restaurants, electronic stores, book stores, sporting stadiums, clothing stores and vending machines.
Visa is calling this program the payWave technology and will pave the way for new banking methods using mobile devices. You can manage your account and make transfers, receive real time offers from merchants, fraud notices and you can even deactivate your card number through the mobile device.
This technology runs on an encrypted microSD card. Fifty participants from the Sydney and Melbourne offices of ANZ and Visa will been given a special protective iPhone case with a secure microSD memory card that allows them to turn their phone into a virtual wallet.
This solution seems ideal for a pilot program, but I’m sure the final product will incorporate a solution where an additional case is not required. For more information, check out the following Visa YouTube video.