SIX Payment Services has introduced a SIM-based virtual credit card, known as PayLife 0100, for facilitating mobile payments in Austria.
Touted to be the first mobile credit card in Austria, the new offering appears on the mobile display of an Android 4.1 and above compatible phone once the installation is complete.
The credit card can be used to make tap-and-pay purchases at any eftpos terminal displaying the contactless symbol. It can be used for online shopping similar to a physical credit card.
The company said that the mobile card offers facility for free registration of a 3D secure password to ensure maximum security.
SIX Payment Services managing director, head of financial industry services Austria and CEE Thomas Csipko said: “The mobile credit card is the next big step in cashless payment. Mobility has become an integral part of our society – people always have their smartphone close by – and so mobile payments have become the future of the industry.
“SIX is delighted to offer customers the first and only mobile credit card in Austria and looks forward to continuing to innovate and setting new standards across the payment industry.”