Visa has announced that it will license its payWave contactless payment technology to Google for its mobile payments and loyalty service, Google Wallet.
The agreement sets the stage for banks worldwide to enable Visa account holders to add their credit, debit and prepaid accounts to Google Wallet – a mobile app that lets NFC-enabled smart phones carry payment and loyalty cards, digital coupons, tickets and more.
As an open commerce ecosystem, Google Wallet is already supported by both Citi and MasterCard. A partnership with Visa will add hundreds of thousands of acceptance points worldwide to the Google Wallet network, according to Visa.
The deal marks another bold move for Visa into the mobile payments market. Earlier this year, Visa launched its own digital wallet that provides consumers with “click-to-buy” payment functionality and access to their Visa and non-Visa accounts using a personal computer or smart phone. The service can be used to make purchases online and at retail locations.