You can add, “It works as a credit card!” to the list of reasons to invest in an iPhone.

Visa has paired up with a company called DeviceFidelity to create In2Pay, an iPhone case that doubles as a swipe-free credit card.

“With our In2Pay solution, we want to give both iPhone users and app developers the power to do even more,” DeviceFidelity COO Amitaabh Malhotra said. “By putting the convenience of interactive secure mobile transactions right at their fingertips.”

Swipeless and cardless

The In2Pay system includes two pieces: A microSD card and a standard-looking iPhone case. To turn your iPhone into a credit card, you simply slip the microSD card into a slot in the case.

The system uses Visa’s payWave technology, a swipe-free credit card scanning system available at most major retailers. When you arrive at the register, simply place your iPhone in front of the payWave reader and punch in your password to confirm the purchase.

In2Pay is theoretically a secure system. Because it is swipe-free, you don’t need to worry about credit card skimmers attached to a card-swiping terminal. DeviceFidelity said each transaction will be given a unique ID to ensure safe shopping.

Visa’s payWave technology is already available at many locations, and the In2Pay system will be rolled out as a trial in the second quarter of 2010.

More banks join the mobile banking market

In other mobile money news, three banks rolled out mobile banking platforms in the past several days.

• Wilshire State Bank introduced a mobile-friendly Web site that allows users to check balances, view account activity and transfer funds.

• Visalia Community Bank’s new mobile site is a basic service that works well on mobile browsers. It allows users to view account history and transactions and make transfers.

• Great Florida Bank’s new mobile banking system offers standard features such as balance-checking and transfers, along with Online bill pay and an ATM locator.

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