Visa International has signed an agreement with Philips to develop and promote the application of contactless chip technology for payment transactions.
The companies say there is an enormous demand for non-traditional payments via connected consumer devices such as PCs, mobile phones and games consoles. By combining the benefits of electronic payments and contactless chip technology, Philips and Visa says they plan to deliver solutions that will enable e-payments anywhere and anytime.
The memorandum of understanding calls on the companies to explore the business requirements for secure payments utilising contactless chip technology.
Visa and Philips say they are looking to identify joint business partners, such as handset and electronic device manufacturers, as well as content providers.