PORTLAND, Ore.-Virtual commerce enabler Vesta Corp. and smart card maker Axalto N.V. are partnering on a Subscriber Identity Module card-based payment method for prepaid wireless customers.
The companies noted that prepaid subscribers will be able to use their phones to make a payment by way of a credit card, debit card or checking account. The transaction is secured using end-to-end encryption running over non-public wireless networks, Vesta and Axalto noted. Vesta also offers a payment guarantee for merchants.
According to the companies, their product allows any North American GSM carrier to offer the service to its customers. Payment capability “is embedded in the SIM card through simple and intuitive drop-down menus, creating a mobile transaction that is highly secure, can be remotely managed and is tightly integrated with other features on the handset,” Vesta and Axalto said in a statement.
“Having access to a convenient service like Vesta’s mobile payment and top-up on the SIM card makes it a permanent companion for the end user, regardless of the device used. This represents significant revenue and loyalty gains for the carrier,” said Dale Sperrazza, vice president of mobile communications for Axalto North America.
