Visa, Nokia team up on mobile wallet plan

Visa, Nokia team up on mobile wallet plan


That credit card wallet will be in full force sooner than you think. Visa, holding their own at CES, announced a deal with Nokia to make millions of phones into wallets around the world.

The full details of the deal have yet to be announced, but we do know that you will be able to pay for more things in more ways than ever before. You can pay other people, pay for groceries, pay for gas, and you can even redeem coupons.

It’s all made possible by a near field communication (NFC) chip, which will have to be installed in your phone. When the chip makes contact with a reader—in the case of on-site transactions—the purchase price is deducted from your account.

Nokia operations are already in place, including the deal with MasterCard to test the service in New York last month. Whether the Visa plan will let consumers pay for public transport, as trials in Finland and Germany have done in recent months, remains to be seen.