Visa recognizes the growing power of mobile payment

According to Sandra Alzetta, Visa representative, in Europe, mobile payments will number 52 Billion, monthly, by the end of this year.

She expressed Visa’s aversion to cash, calling it “dirty and inefficient” and its support of a consumer future in mobile payment, saying that smartphones will eventually come with payment solutions already installed, like PayWave and Visa Mobile Wallets. She also indicated that Visa is enthusiastically busy developing key partnerships in order to link payment with smartphones.

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Two important targets for mobile payment are in retail where cash is still being used and on an individual basis whereby cash exchange can now be replaced by small mobile transactions. In both cases, Visa feels that the fight for a cashless world is being won: “…we’re thrilled mobile gives us more ways to attack cash.”