Visa has wasted very little time following AT&T, T-Mobile and Verizon into mobile payments development and has already announced that is will be trialling a new system with the Bank Of America next month in the New York area.
The trial that will continue until the end of the year is the biggest step by the two companies towards a ‘digital wallet’ system and contactless payments. That could one day become the main payment method for everyday purchases.
Contactless payments have already been used in Japan for years and are nothing new to smartphone technology. But the rest of the World has been much slower adopting the new technology and is playing catch-up.
Small chips are installed into mobile smartphones devices that then allow ‘bumps’ with point-of-sale devices for your bank account data to be collected and your purchases completed. The ‘bump’ is more a of wave of your device near the POS system.