Under this payment method, customers can simply wave their phone in front of a Visa payWave contactless payment terminal in order to pay.
US Bank will pilot this technology as employees in multiple states will begin testing this month. Plans are underway to introduce it to select customers next year.
Issued by US Bank, a DeviceFidelity In2Pay microSD is inserted in the customer’s mobile phone or within a specially-designed iPhone case (In2Pay iCaisse).
FIS and Monitise developed the application that enables customers to make mobile purchases and access account information as part of the US Bank pilot.
US Bank said that the mobile payment solution is password protected and uses advanced security technology to identify each contactless transaction. The chip can be immediately disabled by the bank as needed.
Visa head of mobile innovation Bill Gajda said the ability to link an existing payment account to a mobile phone is transforming how consumers pay and how merchants get paid.
“The solution developed in collaboration with DeviceFidelity will do just that and has the potential to accelerate the adoption of mobile payments in the US,” Gajda said.
