Wells Fargo has announced its participation in Visa’s NFC-enabled mobile payments field trial, joining Bank of America and US Bancorp as the third U.S. bank to test Visa’s new technology, according to finextra.com.
The project, which will run until the end of the year, is expected to result in a commercially viable NFC-enabled mobile payment product by early 2011, says Visa’s head of global mobile products Bill Gadja.
Wells Fargo and its partners will use DeviceFidelity’s In2Pay Micro-SD chip for the trial, which is inserted into a smart phone’s memory card slot to enable contactless payment functionality.
Visa is also piloting the same technology in Europe with Turkey’s Akbank, according to finextra.com.
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