Visa Europe has announced plans to spend more than $273 million on R&D for contactless payments via card and mobile device, according to nearfieldcommunicationsworld.com
The announcement was made by Marc O’Brien, Visa Europe’s head of UK and Ireland, during a visit to Dublin to market contactless cards and NFC payment to Irish banks.
According to O’Brien, Visa spent €800 million over the last five years on R&D, out of which €170 million went into chip and PIN.
“[Visa Europe] envisages spending a further €200 million on R&D into low-value contactless payments by card and mobile device,” O’Brien added.
Irish banks Ulster and Halifax have already begun issuing contactless Visa Debit cards, with more to follow as the investment comes to fruition.
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