PURCHASE, N.Y. – This week, both MasterCard and Visa announced they were exploring ways for consumers to use their phones to make purchases. MasterCard’s approach will enable consumers to easily use their MasterCard-branded cards on their NFC-enabled phones to make contactless payments.

“Consumers are now shopping and paying in whatever way best fits their needs and lifestyles — and from every device they own,” said James Anderson, group head for emerging payments at MasterCard, in a press release. MasterCard is still testing the technology.

The use of NFC technology within smartphones facilitates secure, easy contactless payments. Contactless payments are faster than using cash or waiting for change. Since 2012, MasterCard has seen a 180% percent increase in the number of merchants – from major retailers and quick service merchants to convenience stores, gas stations, grocery stores, pharmacies, vending machines, parking lots, mass transit and taxis – that are now contactless-enabled.

Meanwhile, Visa now offers the option to securely deploy mobile payment programs, including for the first time the ability to host Visa payWave-enabled accounts in a secure, virtual cloud. The move expands Visa’s support for mobile payments globally and will give financial institutions greater choice in offering consumers secure ways to pay with smartphones.

“Our clients and partners around the globe are continuously looking for flexible, cost efficient and secure ways to enable mobile payments,” said Elizabeth Buse, executive vice president of global solutions for Visa Inc., in a press release.