By Khurram Aziz email: email@example.com | Jan 16, 2013 04:25 PM EST
Using your smartphone as a make-shift credit card has come a step closer to reality after Research In Motion (RIM) announced that Visa has approved the BlackBerry's NFC technology to make mobile payments.
The announcement follows the news that the four major carriers in the U.S., namely Verizon, AT&T, Sprint, and T-Mobile, will support RIM's latest BlackBerry 10 devices.
"The approval from Visa of RIM's SEM solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions," said Frank Maduri, Senior Director, NFC Services and TSM Product Management at RIM in a release. "We now offer carriers a robust solution with around-the-clock global support that works on any NFC-capable device, and meets the stringent technology and usability guidelines for Visa."
RIM quotes Informa Telecoms & Media analyst Andy Castonguay as saying that success in gaining Visa's formal approval as a secure element manager is a crucial step in expanding RIM's role as a key security partner for mobile payment solutions.
"RIM's secure network operations center provides a unique combination of global geographic reach, and has established trusted relationships with hundreds of carriers around the world with an unparalleled reputation for security, which sets RIM apart as an SEM partner in the growing mobile payments space," said Castonguay.
Once a leader in the field of smartphone technology, the Canadian firm RIM has struggled in the face of competition from rivals such as Apple and Samsung. On Jan. 30, it plans to launch its new range of phones using the revamped BlackBerry 10 operating system.
The pending release had already boosted the company's stock price, which is now the highest it has been since last February.