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New Way to Pay

Pick up your phone to pick up the tab.

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This story appears in the July 2007 issue of Entrepreneur. Subscribe »

Looking for a way to offer customers greater payment convenience? A mobile platform recently introduced by Visa is paving the way for merchants to accept payments from cell phones--though the technology has yet to reach the States.

"It will operate exactly as if the customer reached into his or her wallet and used a credit card," explains Dave Wentker, vice president of mobile innovation for Visa International, who notes that through a trial program from Visa and SK Telecom, customers in South Korea are already paying for products with their cell phones. "Phones with the capability are already in customers' hands; they simply opt to add a Visa payment service, and they can use the phone in a store in lieu of a card."

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