Press Release
Visa and Google sign licensing deal to boost mobile payment
19 September 2011
Visa Europe and its member banks are playing an active role in a new contactless payments pilot in Strasbourg.
Visa Inc, Visa Europe and Google today announced that Google has received a worldwide license to Visa payWave, an innovative NFC-based payment technology. Visa payWave enables consumers to make fast and secure payments at retail locations by waving their mobile phone in front of a payment terminal and is currently accepted at hundreds of thousands of retail locations worldwide.
"Mobile technology is transforming how people pay for goods and services," said Jim McCarthy, global head of product, Visa Inc. "This agreement builds on Visa's strategy of enabling consumers to make mobile payments with whatever device they choose using the trusted accounts they already have."
"This agreement extends Google Wallet to Visa account holders worldwide," said Stephanie Tilenius, vice president of Commerce and Payments at Google.
"This is a crucial step towards realizing our shared vision for the future of mobile commerce – one that creates a rich shopping experience for consumers and merchants alike."
Today's news furthers Visa’s progress in making its products available as a payment option in any digital wallet. This includes Visa’s own digital wallet
announced earlier this year which is designed to provide consumers with "click-to-buy" payment functionality and access to their Visa and non-Visa accounts using a personal computer or smart phone, to make purchases online and at retail locations.
Google Wallet is designed to enable an open commerce ecosystem enabling consumers to carry payment cards, offers, loyalty and gift cards -- and eventually much more. Google is also working with top retail brands to create a new mobile shopping experience.
About Visa Inc.:
Visa Inc (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency.
Underpinning digital currency is one of the world's most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com/.
About Visa Europe:
As a leader in the development and implementation of payments technologies, Visa Europe is at the forefront of contactless and mobile payment innovation in Europe.
Visa Europe is owned and operated by more than 4,000 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe. As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission's objective to create a true internal market for payments. For more information, visit http://www.visaeurope.com/.
About Google:
Google (NASDAQ: GOOG) is a global technology leader focused on improving the ways people connect with information. Google's innovations in web search and advertising have made its website a top internet property and its brand one of the most recognized in the world. For more information,
visit www.google.com/about.html.
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