The industry giants seem to be quite serious about pushing the mobile wallet concept strongly. In a venture with global leader Nokia, the world’s biggest credit card payment system, Visa has announced a global system that will transform mobile phones into wallets. This will allow the users to pay for the products and services by simply swiping their phone over the reader that interacts with a microchip on the phone. The deal can be finalized at the push of the mobile phone button.
Moreover, customers will be able to manage their payment accounts and funds from their cell phones. At the CES show, Visa said that IBM also helped to create the mobile payment system. Sony Corporation is also working with NXP Semiconductors to develop and ship contactless IC platform that will enable customers to make payments directly from their mobile phones.