Gemalto Drops as Visa Backs Rival Mobile Payment Systems
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Gemalto NV fell the most in more than three years after Visa Inc., owner of the biggest bank-card network, said it’s offering cheaper alternatives to the company’s technology for payments using mobile phones.
New capabilities include an option to host accounts “in a secure, virtual cloud,” Foster City, California-based Visa said in a statement yesterday. This gives financial institutions more choice in secure payment systems with smartphones and follows the introduction of technology that allows Android phones to emulate a smartcard, so the devices can be used to “wave to pay,” Visa said.