Research In Motion Limited (USA) (NASDAQ:RIMM) Gets Visa Approval

Updated on

Research In Motion Limited (USA) (NASDAQ:RIMM) (TSE:RIM) announced earlier today that Visa Inc (NYSE:V) has approved the smartphone company’s Secure Element Manager (SEM) solution for NFC (Near Field Communication) mobile payments.

Research In Motion Limited (USA) (NASDAQ:RIMM) Gets Visa Approval

The approval by banking and credit processor Visa Inc. (NYSE:V) is a step towards offering global support for any smart device engineered with SEM, BlackBerry maker’s mobile-payments technology. With Visa’s approval on its technology, Research In Motion Limited (NASDAQ:RIMM) (TSE:RIM) may now ensure its potential partners that its payment solution will be secure and capable of processing with one of the largest payment processor in the world.

“We now offer carriers a robust solution with around-the-clock global support that works on any NFC-capable device, and meets the stringent technology and usability guidelines for Visa.” said Frank Maduri, Senior Director, NFC Services and TSM Product Management at Research In Motion Limited (USA) (NASDAQ:RIMM) (TSE:RIM).

The Waterloo, Ontario-based maker of BlackBerry devices said the approval  marks “a crucial step in expanding RIM’s role as a key security partner for mobile payment solutions around the globe.”

“The approval from Visa of RIM”s SEM solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions,” said Maduri in press release today.

RIM developed its SEM with a view to enable mobile payments Near Field Communications, a technology that can trigger financial transactions through close-range communication between phones and sales terminals.

“RIM’s secure network operations center provides a unique combination of global geographic reach, and has established trusted relationships with hundreds of carriers around the world with an unparalleled reputation for security, which sets RIM apart as an SEM partner in the growing mobile payments space.” said Andy Castonguay, Principal Analyst, at Informa Telecoms & Media

Canadian carriers Bell, Rogers Communications Inc. (TSE:RCI.B), and TELUS Corporation (TSE:T) (NYSE:TU) are the pioneers in the SEM implementation on mobile payment with their EnStream payment initiative.

With Visa’s approval in hand, Research In Motion Limited (USA) (NASDAQ:RIMM) (TSE:RIM) is aiming to reclaim its market share that was lost to Apple Inc. (NASDAQ:AAPL)’s iPhone and Android based smartphones, bringing a new generation of BlackBerry in the market.

Signup to ValueWalk!

Get the latest posts on what's happening in the hedge fund and investing world sent straight to your inbox! 
This is information you won't get anywhere else!