Visa International and Royal Philips Electronics have announced a major alliance to jointly promote and develop the application of contactless chip technology for payment transactions.
The two global organizations have signed a Memorandum of Understanding (MOU) that outlines the scope of cooperation between the two companies. This agreement includes exploring the business requirements for secure payments utilizing contactless chip technology. Specifically, Philips and Visa are looking to identify joint business partners, such as hardware manufacturers and content providers, and to investigate developing business and technical models that meet their unique needs.