Nokia signs deal with Visa on mobile wallet service

Credit card giant Visa has launched a global system to turn mobile phones into wallets for millions of customers in a deal with the world's top handset producer Nokia, a Reuters report said.

The Reuters report said with the service, users can pay for groceries and other purchases by swiping a phone over a reader that electronically communicates with a microchip on the phone.
Phone owners confirm the purchase with the push of a button and the deal is complete, the report said.

The platform is the result of many years of trials around the world and will enable mobile contactless payments, remote payments, person-to-person payments, and mobile coupons, it added.

Consumers will also be able manage their payment accounts and funds from their mobile devices, Visa said in a statement.
IBM has also helped to create the mobile payment system, the report added.

Visa will use global technology standards which have been selected and developed over the past few years by groups such as the Mobile Payment Forum from the world's major credit card companies, telecoms operators, chip makers and handset vendors.

The Reuters report further said the wireless standard that will link mobile phones with payment systems in stores and elsewhere will be the near field communication chip, which will be hidden under the phone cover and makes contact when swiped over a reader.