BARCELONA – Visa and Samsung Electronics have announced a landmark agreement that will see a Visa payWave application preloaded on the embedded secure elements in forthcoming NFC-enabled Samsung devices.
As part of the deal, Samsung will allow banks to load their payment account information over-the-air to the secure chips, using Visa’s mobile provisioning service. Visa announced the agreement today at the Mobile World Congress in Barcelona.
“The fact is, we believe this is a milestone for the industry,” said Jim McCarthy, global head of product for Visa, at a press conference today in Barcelona. “Just the relationship with Samsung alone, given that they’re the world’s largest smartphone manufacturer, will carry us a long way.”