Visa to launch global cellphone payment system

Here comes news about the electronic wallet (again).

At CES 2007, Visa announced that it plans on launching a global payment system allowing people to pay for goods through their cellphones. This would be done by passing a cellphone by a special reader, possibly without physical interaction with a vendor. As well, remote payments between individuals and coupons offered by vendors would be possible. Visa said it would make these features available at launch, and would roll out the full set of functions over time. Companies currently backing the system include but are not limited to: IBM, Nokia and Verisign.

"Visa has long realized the importance of the mobile channel to the future of payments and as a medium to deliver to consumers," said Patrick Hauthier, Visa's senior vice-president of innovation.

A date for the launch of such a system is currently unknown.

News source: CBC News

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Sure would be nice if they could knock out the massive exploits to their existing POS channels, before launching new ones. Then again, it's either the cardholder or the retailer (usually the retailer) who loses out on those, not them, so I guess they won't lose too much sleep over it.

Honestly. My Visa got defrauded twice in the last 3 months, and I genuinely am careful about avoiding compromise -- hell, one of the cards that got hit was still in its sealed envelope! Rapidly losing my faith in plastic.