Google has licensed Visa payWave from Visa and its European unit in a move that aims to bolster mobile payment adoption.
Under the deal, Google gets a global license to Visa payWave, a technology based on near field communications (NFC). Visa's payWave allows a consumer to pay via their mobile devices at various retailers. Google officially launched its Google Wallet effort on Monday and touted deals with Mastercard, Discover and others. Sprint will be the first to offer Google Wallet on a device.
In a nutshell, Visa account holders will be able to add their accounts to Google Wallet, the search giant's mobile payment effort.
The partnership illustrates how Google and Visa have a co-opetition arrangement going. Google and Visa will compete for digital wallet market share, but also be compatible to grow the overall market.
Google, Visa as well as others players such as mobile carriers are laying the groundwork so consumers can use phones as a wallet. A bevy of NFC-enabled mobile devices are on tap for 2012 and beyond.