The payment company Visa, and the telephone company Vodafone have recently announced that they are involved in a partnership that is going to allow users of the Vodafone network to use their mobile phone to pay for items instead of having to use cash.
The companies are going to be working together to create a payment system that is going to be able to be utilised by the nearly 400 million Vodafone customers around the world. The system that will be developed will eventually be spread across all five continents and is expected to be the largest current development of its kind.
The system is going to be based on an existing offering by Visa which allows people to open a prepaid account. Vodafone customers will be able to use their mobile phone as a similar sort of prepaid service when it initially launches. The service is going to start being offered in Turkey, Spain, the Netherlands, Germany and the UK.
The chief executive of Vodafone is Vittorio Colao and he has commented, “To be able to pay for things with mobile phones is going to be the next revolution in smart phones. It is a very simple offering that is going to speed up the lives of our customers and make everything more convenient for them.
Visa and Vodafone together have a great reputation for reliability and people are going to easily be able to trust us to develop this service. In the future we expect to be able to run the service in line with other payment providers in order to expand it to the widest audience possible.”
The system is going to be able to be utilised by any company that use the Visa payment system and it is all going to be backed by the usual security that customers, and stores, have come to associate with Visa.