EE Times and Planet Multimedia report about the alliance of Visa and Philips to promote 'contactless' credit cards. See also the press release at the website of Philips.
Essentially they don't start a new thing, they just get along nicely for now:
The two global organizations have signed a Memorandum of Understanding (MOU) that outlines the scope of cooperation between the two companies. This agreement includes exploring the business requirements for secure payments utilizing contactless chip technology. Specifically, Philips and Visa are looking to identify joint business partners, such as hardware manufacturers and content providers, and to investigate developing business and technical models that meet their unique needs.