Turkish bank Akbank TAS is hoping to bring contactless mobile payments to its customers through a partnership agreement announced this week with Visa Europe.
Visa Inc. in February announced it is using DeviceFidelity Inc.’s In2Pay microSD chip technology to support its mobile contactless-payment initiatives (see story). Akbank will offer the chip to its customers, who may then use their phones to make purchases at merchants deploying payWave terminals after inserting the chip into their phones’ memory card slots.
It seems appropriate that Visa would want to launch this product in Turkey because the country “has been leading in emerging payment technologies for a number of years,” Todd Ablowitz, president of Double Diamond Group, a Centennial, Colo.-based consulting firm, tells PaymentsSource. “Contactless readers are probably more common, and consumers will most likely know how to use and understand the technology,” Ablowitz adds.
PaymentsSource, August 5, 2010
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