"M-commerce is a strategic priority," says Visa Europe's head of UK and Ireland, "we are working and talking with all the mobile operators and handset manufacturers to develop standards for payment on mobile phones." "Visa spent €800 million over the last five years on R&D, out of which €170 million went into chip and PIN. "We envisage spending a further €200 million on R&D into low-value contactless payments by card and mobile device."
Visa Europe is to spend €200 million on R&D for low-value contactless payments by card and mobile device, says Marc O'Brien, Visa Europe's head of UK and Ireland.
The information was revealed by O'Brien during a visit to Dublin to brief Irish banks about the potential of contactless cards and NFC payments.
"Ulster Bank and Halifax now issue Visa Debit cards to their customers," a Visa Europe spokesman told NFC World. "Visa Debit is an innovation path to both contactless and mobile payments. Visa Europe discussed the successful trials it has had with contactless payments in other markets and shared information about them with Irish banks."
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