By Binu Paul email: firstname.lastname@example.org | Feb 27, 2013 08:46 AM EST
It's just two days since Samsung officially declared March 14 as the release date for Galaxy S4, and there is something new to add to the numerous speculated features that we would see in the most-awaited Samsung smartphone. According to latest reports, Samsung Galaxy S4 will feature Visa's PayWave NFC-based wireless payment application under its new partner program with Visa.
Financial institutions considering mobile payment programs will be able to use Visa Mobile Provisioning Service to download payment account information to NFC-enabled Samsung devices, the agreement says. Samsung will incorporate Visa payWave applet onto its mobile devices featuring NFC technology.
The next Samsung flagship smartphone Galaxy S4 will be the primary product for Visa's program, CENT reported citing an unnamed source familiar with the partnership. Samsung will be a partner of the Visa Ready Partner Program which aims to accelerate the approval and licensing of Visa-endorsed payment systems on different devices.
Visa has been working on to build a digital wallet of its own over the last few years and the outcome is the Visa payWave, which will enable the users to pay for goods and services by waving their smartphone at a cash register.
"Samsung devices enabled with Visa payment functionality will no doubt be a powerful product offering - especially in markets where paying with a mobile device is becoming commonplace," said Jim McCarthy, global head of product, Visa, said in a statement. "However, the key to making mobile payments broadly available all over the world is to offer financial institutions a secure way to provision millions of smartphones with payment account information - and that is exactly what Visa and Samsung are ready to deliver."
Apart from Samsung, Visa has inked a partner program deal with mobile commerce hardware provider Roam which would produce equipment that would work with Visa's mobile payment system. Roam products will carry the Visa Ready symbol on them. "Under the partnership, Roam would get application programming interfaces and software development kits that would connect its equipment to Visa payment gateways, allowing small and large merchants to easily process transactions," CNET notes.
While the biggest obstacle right now is the lack of devices that use NFC technology, there are reasons to cheer as a number of smartphones makers including Samsung, HTC, and BlackBerry are incorporating the technology into their devices and many stores including Starbucks and McDonalds support NFC.