Visa International develops global payment specification for contactless smart cards

Visa International has developed a new global payment specification that removes the need to physically insert a smart card into a reader. The new specification, designed to work side-by-side with conventional chip and magnetic stripe technologies, will support a faster and more convenient way to pay and be paid, particularly in environments where access to traditional, card-based payment methods has been limited. Based on an international standard, ISO 14443, the new specification uses a chip embedded in a plastic card or an electronic device, such as a mobile phone. The card, mobile phone or other device is then held in front of a terminal and a wireless interface transits the payment information.