Investors freaking out based on Bloomberg’s Boo-boo news about AT&T (T) and Verizon (VZ) who announced development of their own mobile payment processing expecting to displace Visa’s (V) debit cards and thus threatening Visa and Mastercard (MA) and who were then selling those stocks – now be ready to buy them back. AT&T and Verizon are late in their effort.
Visa Europe has announced today the launch of In2Pay, a system which uses a microSD card inside a mobile phone to make transactions. The contactless payment system uses near field communications (NFC) technology via a microSD card called In2Pay, developed by DeviceFidelity. Not many mobiles have NFC technology built-in, which would allow contactless mobile phone payments, but the majority of smartphones, iPhones excluded, include microSD slots.
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