The introduction of Visa payWave means that we are no longer constrained by the traditional standard size plastic card that needs to conform to ISO dimensions in order to be accepted into a card reader.
Visa payWave provides the opportunity to enable payment using a number of innovative form factors that suit the cardholder’s lifestyle, and fit the retailer's business model. This section provides an overview of the possibilities afforded by Visa payWave.
In April 2006, a mobile phone-based contactless payment pilot was commenced by Visa Malaysia, in collaboration with Maybank, Maxis and Nokia.
Cardholders were issued with a Visa contactless-enabled phone which was essentially two products in one. It operated as a standard mobile phone connected to the Maxis network and could also be used to wave and pay at any Visa contactless retailer.
Visa Mobile contactless uses the latest in communications technology known as Near Field Communications (NFC) which operates over a distance of typically a few centimeters. Inside the Visa contactless-enabled mobile phone is a secure chip and thin copper wire. The copper wire acts as an antenna, transferring payment information quickly and securely to a reader connected to the retailer’s terminal.
As with a card, the cardholder simply has to wave the Visa contactless-enabled mobile phone at close range (4cm) from a Visa contactless supported point-of-sale terminal to make payment. It’s easy, fast and secure. All transactions are also reflected in the cardholder’s monthly statement.
There are no modifications required to a Visa contactless terminal or reader in order for them to accept a Visa contactless-enabled mobile phone for payment.
Key fob — For some consumers, they are never without the keys to their house, or their car. A key fob with a Visa payWave payment application may best suit this target segment.
Personal Data Assistant (PDA) — For the consumer who is never out without their PDA.
USB drive — Allows consumers to utilise the Visa payWave payment application through any device that accepts a USB drive. The suitability of a device will depend upon the target cardholder and how best Visa payWave fits with their lifestyle.
