SAN
FRANCISCO -- Visa Inc. (NYSE:V) today announced plans to make mobile
payment-related services broadly available to United States consumers by the
end of the year. Central to this effort is Visa's delivery of mobile
applications for the Android[TM] platform, which will be available for download
on Android-powered handsets and initially available to Chase Visa cardholders.
The first
set of services that Visa is planning to develop for Android will allow Chase
Visa cardholders to receive notifications to their mobile devices about
transaction activity on their accounts; obtain offers from a wide array of
merchants; and use the built-in location-based technology developed by Google
to quickly map nearby merchants where they can redeem Visa offers and locate
ATMs that accept Visa.
During an
introductory period, Visa mobile services that will be developed for the
Android platform will first be offered to Chase Visa account holders. Following
this initial launch phase, Visa plans to work with additional card-issuing
financial institutions to extend availability of its mobile services for
Android to their Visa account holders. Visa is also developing a payment
application that will enable consumers with Visa accounts to make mobile
payments in retail locations nationwide, or while on the go, over wireless
networks.
"By
developing these mobile services for the Android platform, Visa has taken a
major step toward achieving our goal of combining two of the world's most
powerful and ubiquitous consumer innovations, electronic payments and mobile
technology," said Elizabeth Buse, Global Head of Product at Visa Inc.
"Through this effort, U.S. consumers will, for the first time, be able to
download Visa mobile service applications directly to their handsets. Visa
cardholders have come to expect more from their Visa account than just
convenience and security of payment, and wireless customers expect their mobile
devices to carry a multitude of applications. Extending Visa payments and
services to the mobile device is a natural extension, and makes the consumer
payment experience more convenient, more secure and more rewarding."
As industry
leaders, J.P. Morgan Chase and Visa share a commitment to working to meet
consumers' demand for information-rich services that will make their handsets
more useful in helping them accomplish what is most important to them.
Three
Powerful Services
The Visa
mobile applications developed for the Android platform will initially deliver
three powerful services that will make consumers lives easier, improve their
ability to manage and protect their Visa accounts, and get valuable offers from
merchants. Consumers would enroll for Visa mobile services via their mobile
device, and would "opt-in" to the services, so they would only
activate those they choose, and would be able to "opt-out" at any
time, helping to preserve their privacy.
Visa mobile
services developed for the Android platform include:
* Alerts:
Consumers will receive near real-time notification of purchase activity based
on customized cardholder preferences. The consumer will be able to personalize
the types of alerts delivered to their mobile device according to pre-selected
parameters, such as the size of the transaction, or whether the transaction is
in foreign currency. Because these alerts are triggered by the transaction as
it passes through the Visa network, consumers will receive notifications almost
immediately, typically before they even leave the store. This adds a new layer
of peace of mind when using Visa, and a new way to combat fraud.
* Offers:
Consumers will receive targeted offers from merchants directly to their phone.
These offers - ranging from discounts to loyalty offers - could be based on a
consumer's previous purchase activity. For consumers and merchants alike, this
service will ensure the most relevant offers are sent in a timely manner,
helping increase merchant traffic, loyalty and customer satisfaction.
* Locator:
The Locator service is expected to integrate with technology developed by
Google, such as Google Maps and Google location-based services, to show
consumers nearby locations of merchants sending them offers, or of an ATM that
accepts Visa. The location would be called out on a map displayed on the mobile
device screen.
"We're
pleased to extend the value of Visa to the mobile channel," said Buse.
"With more than 3 billion mobile devices already in market today, we have
an opportunity deliver the convenience and security of Visa to consumers around
the globe."
Visa Mobile
Initiative
Visa's
strategy in creating mobile payment services has been to apply the scale and
flexibility of its global payment network to deliver payments and value-added
services on mobile devices that have immediate value to consumers, merchants,
and issuers. Over the last two years, Visa has actively engaged with financial
institutions, wireless operators, handset manufacturers, and technology
providers to develop and test innovative mobile services. Visa is currently
testing mobile payments, money transfer and value-added services with consumers
in Australia, Brazil, Canada, France, Germany, Korea, Malaysia, Singapore,
Taiwan, the U.K., and the U.S.
Visa's
investment in its mobile technology comes as more consumers in both developed
and emerging economies adopt mobile devices and play a central role in
commerce. The development of mobile applications for the Android platform is
the latest example of how Visa is making mobile commerce a global reality.
About J.P.
Morgan Chase & Co.
J.P. Morgan
Chase & Co. (NYSE: JPM) is a leading global financial services firm with
assets of $1.8 trillion and operations in more than 60 countries. The firm is a
leader in investment banking, financial services for consumers, small business
and commercial banking, financial transaction processing, asset management, and
private equity. A component of the Dow Jones Industrial Average, J.P. Morgan
Chase serves millions of consumers in the United States and many of the world's
most prominent corporate, institutional and government clients under its J.P.
Morgan and Chase brands. Information about the firm is available at
www.jpmorganchase.com.
About Visa
Inc.
Visa Inc.
operates the world's largest retail electronic payments network providing
processing services and payment product platforms. This includes consumer
credit, debit, prepaid and commercial payments, which are offered under the
Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed
acceptance around the world, and Visa/PLUS is one of the world's largest global
ATM networks, offering cash access in local currency in more than 170
countries. For more information, visit www.corporate.visa.com.
Android is
a trademark of Google Inc.
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