Visa is paving the way to increase the security of mobile payments by quickening the migration to EMV contact and contactless chip technology in the US. The EMV technology will speed up adoption of mobile payments.

FORBES: EMV Chip Technology, Secure Electronic Payments

While most of the financial activity that now takes place on smartphones involves people engaging in transactions with their bank, the credit-card industry has spent millions of dollars to issue new plastic with the contact-less chip that speeds the check-out process.

WSJ: Google Pursues Role in Mobile Payments

Naismith squandered another chance when through on goal, failing to find enough contact when found by a Davis chip.

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Visa and several large banks are testing mobile-payment programs that allow consumers to make contact-less payments with an existing smartphone equipped with a special chip card and antenna.

WSJ: Google Pursues Role in Mobile Payments