Paynews reports Visa International and SK Telecom have announced plans to launch "what they expect to be the world's first contactless payment application on a universal SIM card which is personalized over-the-air.
Subscribers will be able to install the Visa Wave contactless payment application directly onto their handsets via OTA without having to visit their bank. The user simply sends a message to the bank requesting the Visa payment application. The bank then sends the application through mobile internet into the secure USIM chip. As the payment application resides on the subscribers' USIM card, they will not be restricted to making payments only from that device. SK Telecom 3G subscribers who wish to change to a new handset need only move the USIM card to the new device.