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Intel Partners With Visa To Launch NFC-Based Mobile Payment System

Intel Corporation has entered into a multi-device, multi-year agreement with Visa to develop mobile commerce solutions for Intel Atom-based smartphones and tablets, allowing financial institutions across the world to offer mobile payments and financial services to their account holders. As per the agreement, Visa has certified all smartphones running on Intel Atom processor Z2460 with NFC capabilities, to use Visa's mobile payment technology Visa payWave thereby allowing customers to make fast and secure payments at retail locations. Visa said that this license will also be extended to all Original Equipment Manufacturers (OEM's) building NFC based smartphones, based on Intel's Smartphone Reference Device. Financial institutions and mobile operators will be enabled to download Visa payWave application over the air and deliver visa payment account information securely on these smartphones, when used in combination with a Visa-compliant UICC (Universal Integrated Circuit Card). Earlier this month, Movida, the mobile payments joint venture backed by Visa and UK based mobile payments solutions provider, Monitise had announced its first deployment, an year after its initial launch in May 2010. It had partnered with HDFC Bank to launch an operator agnostic USSD based mobile payments service, allowing HDFC Bank customers to pay bills, top up prepaid airtime and buy tickets from their mobile phones. The service is initially being offered to a few select customers, with a nationwide rollout expected later in the year. Previously, HDFC had partnered with mChek to offer mobile payments for its Visa debit card customers and partnered with Vodafone to offer latter's M-Paisa mobile payments service under a Banking Correspondent model. Last week, Mobile VAS company Comviva had announced a…

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