Visa reveals its plans for mobile credit card payments

Consumers who are anxious to use their mobile phones to deal with credit card debt will have a very good chance of being able to do so within the next few months.

Americans who have Visa-branded debit and credit cards will be able to load the payment information from those accounts onto smartphones with near-field communication technology in order to make contactless purchases by the fall, according to a report from the tech news site Computerworld. However, the market may be somewhat limited at first because nearly all smartphones currently available in the U.S. do not have this technology enabled.

“We believe [payment] convergence is here, primarily driven by the mobile phone,” said Jim McCarthy, head of global products for Visa, according to the site. “Reliability, security and interoperability are critical to drive the electronification of payments. [This] will fundamentally change the way we interact with merchants.”

The mobile payment industry is expected to become massively popular within just a few years, with some experts estimating its annual value by 2015 to be tens of billions of dollars.