Dubai, UAE: 04 August, 2014 –Visa Inc. (NYSE:V), the global leader in payments, today announced the creation of Visa Digital Solutions, a comprehensive suite of offerings that facilitate secure paymentsacross a broad range of Internet-connected devices and wearables.
In 2014, commerce initiatedwith mobile phones and tabletsis expected to total $114 billion in the U.S. alone, according to research firm Forrester. Two-thirds of those sales will happen via tablet computers, while the remainder will occur on mobile phones.
“Visa Digital Solutions provides the standards, tools and services to turnany Internet-connected device into a secure vehicle for commerce,” said Sam Shrauger, senior vice president, Visa Inc. “Smartphone manufacturers can securely load a Visa account withina device, merchants candirectly embed Visa payment functionality into their mobile apps and financial institutions can offer mobile and online payments as part of their mobile banking applications.”
Visa Digital Solutionsfall into two main categories:
- Support for NewPayment Methods
Making a purchase with a mobile deviceat a physical retailer or onlineis becoming commonplace,particularly in countries with a high penetration of smartphones. Visa is extending its support for mobile paymentsto enableretailers, financial institutions and developers to create new ways to pay via smartphones.
- Wave-to-pay: Visa recentlypublished a software development kit(SDK)to make it easier for merchants, financial institutions and application developers to embed Visa payWave, Visa’s mobile payment technology,into their mobile applications. Issuers now have the option to host the Visa account information in a virtual cloudor in a secure chip on the mobile device.
- Scan-to-pay:In JuneVisapublished an initial specification for presenting Visa account information in the form of a Quick Response (QR) code. The specification provides retailers with a new, secure option to accept a Visa payment by simply scanning a QR code on a smartphone screen.
- Click-to-pay: Last week Visa announced the launch of Visa Checkout, a quick and easy payment service that enables consumers throughout the United States, Canada and Australia to pay for goods online, on any device, in just a few clicks. Visa’s application programming interfaces (APIs) for Visa Checkout are available to merchant developers, as well as SDKs for in-app payments.
- Technology That Protects Consumers and Supports Industry Innovation
As the number of online and mobile transactionshas increased, so has the need to protect consumer payment account information. In September, Visa will introduce an innovative tokenization service thatstrengthens payment security while facilitating industry innovation. The new Visa Token Serviceenables:
- Consumer Protection:Tokens replace the 16-digit account information found on plastic cards with a numeric substitute, facilitatingpayment transactions without sharing sensitive account information.
- Industry Innovation: Tokens can be stored directly in mobile devices, online eCommerce applications and cloud-based mobile applications,which will spur new commerce experiences.
- Restricted Use:Tokenscan be limitedfor usewith specific merchants, mobile devicesor types of purchases.
- Convenience and Cost Effectiveness:Tokens linked to lost or stolen mobile devices can be instantly reissued without changing account numbers or reissuingplastic cards.
- Easy Processing:Tokens are based on existing ISO standards and can therefore be processed and routed by merchants, acquirers and issuers like traditional card payments.
Many offerings within the Visa Digital Solutionssuite are available today, with the full range of capabilities expected to be commercially available in the U.S. by January 2015, and global rollouts throughout the year. Visa DigitalSolutions will initially be available through the Visa Ready program, which provides innovators a path for the certification of devices, software and solutions used to initiate or accept Visa payments. Visa will also launch an extended Developer Centerin early 2015, providingproduct specifications, APIs, SDKs, as well as implementation guidelines for financial institutions,merchants and third-party payment providers. For more information please visit Visa Ready.