U.S. Bank joined the ranks of credit card issuers offering to turn
cardholders' mobile phones into wireless payment devices, announcing new
services for iPhone and Android phone users. Through a pilot program parnership
with Visa, DeviceFidelity, FIS, and Monitise, the company has launched
contactless payment solutions on the In2Pay platform.
In2Pay technology mimics the signal sent from the chip embedded in a typical Visa PayWave credit card. However, its smaller size enables the In2Pay solution to be inserted into an Android device's MicroSD storage slot. iPhone users can opt for a custom case that contains the In2Pay chip.
Once enabled and connected to a U.S. Bank customer's Visa credit card account, the wireless phone can authorize transactions at thousands of participating merchants. Contactless payment solutions have already become popular at gas stations, convenience stores, and mass transit terminals. U.S. Bank officials told reporters that the new Visa feature appeals to technology-minded customers, but also helps the bank innovate its approach to customer service.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.