Visa approves RIM for mobile payment solution

WATERLOO, ONTARIO--(Marketwire - January 16, 2013) - Research In Motion (RIM) (NASDAQ: RIMM)(TSX: RIM) today announced that its Secure Element Manager (SEM) solution for NFC (Near Field Communication) mobile payments has been approved by Visa. RIM's SEM is the backend solution for carriers that can securely manage credentials on SIM (subscriber identity module) cards installed in all types of NFC-capable mobile devices.

Research In Motion describes its Secure Element Manager technology, or SEM, as a way for networks to manage all types of mobile devices equipped for close-range wireless payments, also known as near field communications or NFC.
The EnStream joint venture owned by BCE's Bell (TSX:BCE), Rogers (TSX:RCI.B) and Telus (TSX:T) has already begun to deploy mobile payments in Canada using the RIM SEM technology.
"The approval from Visa of RIM's SEM solution is an important step in that it will enable carriers to support Visa issuing banks and financial institutions," said Frank Maduri, a RIM senior director responsible for mobile payment services.