Visa Launches Mobile Payment ServicesVisa Launches Mobile Payment Services

Visa is continuing its push toward the mobile space with the launch this week of two new commercial mobile payment services.

In Brazil, the company introduced a service that allows Banco do Brasil cardholders to pay with their cell phones and confirm the transaction via text message. The service is the first of its kind in Latin America, and it's available through any Brazilian wireless carrier.

In Korea, Visa has partnered with Korea Smart Card Company, Shinhan Bank, and Korea Telecom FreeTel to offer a convenient way for customers to pay for commuting. Many commuters have their transportation card, known as T-money, integrated onto their phone's SIM card. The new program allows commuters to have their Visa account automatically fill up the T-money when it falls below a certain level.

Visa has invested heavily in mobile payment over the last few years. The company recently unveiled programs in North America that lets users receive special discounts from local businesses via text message, as well as a mobile banking program that gives users more options to keep track of their spending with a cell phone.

"Today we again see how far Visa and our partners have come in the development of mobile financial services," said Elizabeth Buse, global head of product at Visa, in a statement. "As the payments ecosystem has expanded, so has Visa's opportunity to deliver innovative products and services to a diverse set of stakeholders."

As more and more customers adopt cell phones, the mobile banking and payment will become an increasingly lucrative market. Because of this, Visa's credit card rival MasterCard has also been aggressively targeting this space.

MasterCard's initiatives include trying to get its contactless payment chips into cell phones, enabling users to bank from the mobile Web, and pushing forward person-to-person payments via text messages.