Philips Smart Chips to be Used in Wireless Payment Technology May 29, 2003

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Dutch electronics conglomerate Philips and payment systems provider Visa International and said on Wednesday they would jointly develop payment systems with contactless chip technology.

"Both organizations have recognized the enormous demand for non-traditional payments via connected consumer devices such as PCs, mobile phones, gaming, and other hand-held devices," the companies said in a joint statement.

Philips, already a chip supplier to Visa, is said to be the world's number 10 chip maker and one of the leading producers of identification and smart card chips. Visa has U.S. $2.4 trillion in annual card sales volume and its credit and debit cards are accepted in more than 150 countries. Visa and Philips said they wanted contactless payment transactions to become possible anywhere, anytime and through any device.

"This agreement includes exploring the business requirements for secure payments utilizing contactless chip technology," said the companies, adding they would look for hardware manufacturers and content providers.

No financial details were disclosed. (Reuters)

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