Samsung Galaxy S IV to come pre-installed with VISA powered mobile wallet

Samsung Galaxy S IV

Samsung’s Galaxy S IV being unveiled on the 14th of March will come running NFC payments. This and other Samsung phones with NFC will come pre-installed with the Visa PayWave app for wave and pay contactless payments. This will be the first time wave and pay via NFC will be coming to mobile phones. Visa on Monday signed a global alliance agreement with Samsung to accelerate availability of payments globally.Samsung in the deal has agreed to pre-load Visa PayWare on all devices that have NFC technology. ABI Research forecasts that 1.95 Billion NFC-enabled devices will ship in 2013.

The initial areas of engagement that Visa and Samsung have agreed to include are:

Global Strategic Alliance
Visa and Samsung have agreed to work together to enable the next generation of Samsung mobile devices with Visa payment technology, and to partner with financial institutions to accelerate the availability of mobile payment solutions globally.

Samsung to Connect to Visa’s Mobile Provisioning Service
In order to enable financial institutions to launch large scale mobile (NFC) payment programs, Samsung will offer banks the ability to load payment account information over-the-air to a secure chip embedded in Samsung devices, using Visa’s Mobile Provisioning Service which is linked to Samsung KMS (Key Management System) – a service that creates secure data storage domains for issuers.

Samsung Awarded Global Visa payWave License
The Visa payWave mobile applet will be preloaded onto selected next-generation Samsung mobile devices featuring NFC technology and an embedded secure element. Off the shelf, these devices are ready to be personalized with Visa payment account information – a simple step that consumers will be able to initiate using a mobile payment application provided by their financial institution.