Visa chief predicts mobile phone wallet 'inevitable'

Visa USA CEO John Philip Coghlan said that the concept of turning the cell phone into a credit or debit card is 'inevitable.'

An Associated Press report also quoted the executive as saying that the firm will make investments and partner with technology companies to push such concept.

The report said Coghlan is set to discuss Visa's investment in Ecrio, a privately held software company based in Cupertino, California, as well as in dotMobi, an Irish consortium seeking to create a .mobi domain name for Web sites aimed at cell phones.

The company is also partnering with Qualcomm and Kyocera to create phones that can make payments. VeriSign is another partner, the report said.

The concept of using the cell phone to pay for groceries or clothes is an attractive one to both the wireless and the financial industries.

The carriers see it as another opportunity to make money by taking a percentage of the transaction, the report further said.

Visa is hoping its mobile platform will bring the two sides together, it added.