U.S. Bank Expands Mobile Capabilities with Innovative New Visa Payment Solution
MINNEAPOLIS, Nov 16, 2010 (BUSINESS WIRE) -- U.S. Bank (NYSE: USB) and Visa (NYSE: V) continue to be at the forefront of mobile payments innovation, partnering with DeviceFidelity, FIS and Monitise to introduce an innovative new way for customers to make purchases using their mobile phone. Customers can simply wave their phone in front of a Visa payWave contactless payment terminal in order to pay. U.S. Bank is one of the first major card issuers in the United States to pilot this landmark technology as employees in multiple states will begin testing this month. Plans are underway to introduce it to select customers next year.
"Our customers have told us that they want to mobilize their accounts with us - they want to make payments with their mobile device and this is a natural extension of our existing banking relationship," said Dominic Venturo, chief innovation officer for U.S. Bank Retail Payment Solutions. "As their trusted financial services provider, we're already offering convenient mobile account access. Now we're adding contactless payment capabilities to their existing mobile device."
Issued by U.S. Bank, a DeviceFidelity In2Pay(TM) microSD is inserted in the customer's mobile phone or within a specially-designed iPhone case (In2Pay iCaisse(TM)). Visa and DeviceFidelity recently introduced the patent-pending In2Pay microSD based mobile contactless technology and the associated In2Pay iCaisse solution. FIS and Monitise developed the application that enables customers to make mobile purchases and access account information as part of the U.S. Bank pilot.
The solution conforms to the industry standard for memory cards, microSD, and fits into the memory card slot found in many existing mobile devices. U.S. Bank will be testing with several market leading mobile brands. This mobile payment solution is password protected and uses advanced security technology to uniquely identify each contactless transaction. As is true with a lost or stolen card, the chip can be immediately disabled by the bank as needed.
"Consumers worldwide are embracing mobile as a convenient way to engage with and manage their daily financial lives. The ability to link an existing payment account to a mobile phone is transforming how consumers pay and how merchants get paid," said Bill Gajda, head of mobile innovation at Visa. "The solution developed in collaboration with DeviceFidelity will do just that and has the potential to accelerate the adoption of mobile payments in the U.S."
"U.S. Bank is leading the way through the early adoption of contactless microSD solutions, and we are excited to be part of their efforts to bring mobile payments to the U.S.," said Amitaabh Malhotra, chief operating officer at DeviceFidelity. "With the In2Pay solution, we aim to bring the speed, interactivity and security of mobile contactless payments to a user's preferred device, and collaborating with such enthusiastic, innovative partners such as U.S. Bank, Visa and Monitise is a huge step towards realizing that goal."
U.S. Bank is a consistent leader in innovative mobile payment solutions. Last month, the company launched a full-suite mobile banking solution with bill pay capabilities for prepaid cardholders - the first of its kind in the prepaid marketplace. It was also the first large American bank to test the Visa Money Transfer person-to-person mobile payment service, and has partnered with Visa to give cardholders on-the go access to account alerts, offers and a locator service with the Visa Mobile application. In addition, U.S. Bank was one of the first banks to test the Visa Micro Tag, an early contactless mobile payment device.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world's most advanced processing networks--VisaNet--that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.
DeviceFidelity, Inc. develops plug-and-play technologies that empower a variety of institutions to deploy their services and applications on millions of mobile phones worldwide. Its patent-pending In2Pay microSD and In2Pay iCaisse solution transforms popular mobile phones into an interactive contactless transaction device. Committed to bringing contactless innovation to the mobile phone, the company has numerous patents pending in both U.S. and international patent offices. DeviceFidelity is a private corporation with headquarters in Richardson, Texas and offices in San Mateo, California and New York. For more information, go to www.devicefidelity.com.
FIS (NYSE: FIS) is one of the world's largest global providers dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is a member of Standard & Poor's 500(R) Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.
Monitise plc (LSE: MONI.L) is a global leader in Mobile Money solutions, with the proven technology and expertise to enable financial institutions and other service providers to offer a wide range of mobile banking and payments services to their customers in both developed and developing territories. With live services in the UK and in the USA, where it is in partnership with FIS, the company is currently working with international partners to deliver similar safe, secure mobile banking and payment services in territories worldwide, including India and the Asia Pacific region. Current key partners include Visa, VocaLink, FIS, HSBC, Lloyds TSB, First Direct, Royal Bank of Scotland, NatWest, Travelex, Ulster Bank, Standard Chartered Bank, Vodafone, Orange, O2, T-Mobile, 3 UK, The Carphone Warehouse and First Eastern. For more information visit www.monitisegroup.com.
About U.S. Bancorp
U.S. Bancorp, with $291 billion in assets as of Sept. 30, 2010, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank