Visa, MasterCard offer more phone payment options

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News,Business

NEW YORK (AP) — Visa and MasterCard are introducing Internet-based technologies to make it easier for shoppers to buy things at retail stores without pulling out a credit card.

The two technologies were announced separately on Wednesday. They will give merchants and banks more options for incorporating so-called contact-less payment systems into their mobile apps. The customer uses the app to make purchases by tapping the phone to a store's card reader.

The technologies tap a new feature in Google's Android operating system. Before, card information had to be stored on a secured part of the phone. Now, it can be stored remotely instead. A retail or banking app on the phone then retrieves what's needed to complete the transaction.

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