Visa has emphasised the importance of traditional financial institutions as it partnered with Apple on the Californian manufacturer’s new mobile payments platform, Apple Pay.
Jon White, head of mobile strategy, Visa Europe, confirmed to Mobile exclusively that he believed the relationship between established financial organisations and the consumer would remain fundamentally the same.
He said: ‘Customers want their bank to remain the guardian of their financial trust and that’s not something that we see changing. Consumers see the Visa brand and feel reassured in using the payments service, combined with the other organisations involved in Apple Pay we collectively stand for trust.’
White expressed his excitement at the deal which he believed was a major leap for the mobile payments industry, although he added that greater customer education would be needed: ‘It’s a great step forward for all things mobile payments. It was a big question of if, when and how Apple would enter the industry, but now it’s happened.
‘Customers don’t yet fully understand the full range of mobile services and there will be a period in which they adapt to this. Fundamentally, these services function in the same way as more traditional methods - the difference is the device they’re using to pay.’
Apple aren’t the only mobile firm moving into this market and Visa confirmed to Mobile that it had authorised over 100 devices with the capability to pay using NFC technology. Apple’s position is slightly different to other manufacturers in that the brand is also fronting up the payment capacities with the Apple Pay mobile wallet. Visa – which has its own offering V.me – didn’t believe that the two services would be in direct competition, as White explained: ‘We see Apple Pay as complementary to services such as our V.me offering rather than competing.’