Visa and Philips are working in tandem to push secure contactless payments into non-traditional payment venues. While both companies are already major players in the advanced payments space, and Philips holds a position as one of the world’s premiere manufacturers of consumer electronics, this announcement suggests a recognition of the burgeoning market for payments via a variety of connected consumer electronics devices.
Mobile phones, PCs, handhelds and gaming terminals have all become real-time communication devices and each has its own opportunities and needs for payment-related functions. One aim of this collaboration is to use the combined strengths of the partners to convince consumer device manufacturers to include contactless readers in their products. This would facilitate these devices becoming payment-ready for on-demand services.