SAN FRANCISCO--(BUSINESS WIRE)--Sept. 25, 2008--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.
CONTACT:
Visa Inc.
Elvira Swanson, 415-932-2564
globalmedia@visa.com
SOURCE: Visa Inc.