Domainmonster.com Industry News

News > March 2007

30-Mar-2007

Online Payment Using Your Mobile

Credit card giant Visa has made the advance towards payments on the move by collaborating with Ireland based dotMobi domain registry service.

Whilst addressing a conference in Florida on Wednesday, Chief Executive John Philip Coghlan stated that for potentials to be met the credit card companies and wireless networking industries must work closely together.

Visa is aiming to team up with mobile telephone companies to allow for M-payments or M-Commerce so that people could manage finances from their handsets.

“Given the striking similarities in the paths our two industries have travelled, it is only natural we have arrived at a moment of convergence. In fact, the convergence of payments and mobile communications is not just logical - it is inevitable.” Said Coghlan.

Coghlan went on to say "Our strategic investments and partnerships underscore our commitment to laying the foundation for secure and ubiquitous electronic payment on mobile devices." Referring to how he felt that that new unions with handset manufacturers Kyocera Wireless, digital infrastructure firm Verisign mobile software provider Ecrio and dotMobi showed Visa’s commitment to their new strategy.

Since the launch of the new .mobi domain the Irish company has seen just under half a million domains registered. With many industry leaders jumping on the bandwagon including Nokia, T-mobile, Microsoft and Vodafone the domain is already being taken seriously.

A recent online survey brought about some interesting results. 57% of people asked said that they would be interested in a handset with payment applications included. Many of these would also pay extra for a device with this feature included.

A recent online survey brought about some interesting results. 57% of people asked said that they would be interested in a handset with payment applications included. Many of these would also pay extra for a device with this feature included.

Most of the people asked decided that they would prefer their charges to pass through their banking statement rather than on their mobile operators bill.

Coghlan wrapped up these finding by saying "These numbers show me that younger consumers want the best of both worlds - they want the freedom and functionality of a mobile phone with the security, convenience, and ease of use of their debit or credit card."