Consumers in Iceland will soon have access to contactless payment technology using Visa cards or smartphones.

International issuer and acquirer Valitor has partnered with electronic payment provider Point to develop software certified by Visa Europe and adhering to the Visa PayWave standards, the companies announced this week. Visa Europe is separate from Visa Inc.

The software enables merchants to accept payments from contactless Visa cards or smartphones with the credit card function implemented on the phone's SIM card, Valitor stated in a press release.

"This is a major step towards establishing contactless payments in Iceland," says Sigurhans Vignir, executive director of corporate solutions for Iceland-based Valitor, in the release.

The software development allows Valitor to initiate pilot testing for merchants in cooperation with all card issuers in the country and with Siminn and Vodafone, two of the country's largest network providers, Vignir says.

Valitor and Point have been working together since 1995. VeriFone Systems Inc. acquired Stockholm, Sweden-based Point in January 2012 as a key retail payment and gateway provider for Northern Europe.

All acquirers and service providers that use the merchant VeriFone VX820 and VX680 point of sale terminals from Point can update those terminals with the new software, Valitor states.

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry