Visa approves RIM’s technology for mobile phone payments

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Research In Motion says the Visa credit card system has approved the smartphone company’s method for handling secure mobile payment systems. A representative of RIM stated that:

“The approval from Visa of RIM’s Secure Element Management (‘SEM”) solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions. We now offer carriers a robust solution with around-the-clock global support that works on any NFC-capable device, and meets the stringent technology and usability guidelines for Visa.”

For more information, see http://www.theglobeandmail.com/globe-investor/visa-signs-on-to-rims-secure-mobile-payment-tech/article7408469/

About the Author
Libby Gillman is, by training, an experienced corporate and commercial lawyer with particular expertise in financial institution incorporation and regulation, banking law and regulation, sophisticated and innovative payment systems, electronic banking products, emerging technology-based financial and other products and services, electronic commerce including Internet law, and legal issues of privacy and security on the Internet.