Visa Inc. (V-N87.931.351.56%) said it would accelerate the move to chip technology and speed up the use of mobile payments in the United States, as the world's largest payment processor tries to corner a share in the nascent smartphone payments market.
High-end smartphones are now shipping with “near-field communication” (NFC) technology that allows shoppers to make payments with little more than a wave of their phone.
NFC technology passes encrypted information between devices at close range without contact. Instead of swiping a card, shoppers can wave their smartphone near a terminal, effectively turning an NFC-enabled phone into a “mobile...