Visa unveils digital solutions for secure payments
Dubai, August 4, 2014
Visa, the global leader in payments, has unveiled the Visa Digital Solutions, a suite of offerings that facilitate secure payments across a broad range of Internet-connected devices and wearables.
Commerce initiated with mobile phones and tablets is expected to total $114 billion in the US alone this year, according to research firm Forrester.
Two-thirds of those sales will happen via tablet computers, while the remainder will occur on mobile phones., it said.
Sam Shrauger, senior vice president at Visa, said: “Visa Digital Solutions provides the standards, tools and services to turn any Internet-connected device into a secure vehicle for commerce.
“Smartphone manufacturers can securely load a Visa account within a device, merchants can directly embed Visa payment functionality into their mobile apps and financial institutions can offer mobile and online payments as part of their mobile banking applications.”
The solutions fall into two main categories - support for new payment methods; an d technology that protects consumers and supports industry innovation.
Visa is extending its support for mobile payments to enable retailers, financial institutions and developers to create new ways to pay via smartphones. It includes wave-to-pay, scan-to-pay and click-to-pay.
To protect consumer payment account information as the number of online and mobile transactions increase, Visa is set to launch an innovative tokenisation service that will strengthen payment security while facilitating industry innovation.
The new Visa Token Service will enable consumer protection, industry innovation, restricted use, convenience and cost effectiveness, and easy processing.
The solutions, which are available today, is expected to commercially available in its full range of capabilities by January next year in the US and global rollouts throughout the year.
It will be initially available through the Visa Ready programme, which provides innovators a path for the certification of devices, software and solutions used to initiate or accept Visa payments.
Visa also plans to launch an extended Developer Center in early next year, providing product specifications, APIs, SDKs, as well as implementation guidelines for financial institutions, merchants and third-party payment providers. - TradeArabia News Service