Visa has announced the creation of Visa Digital Solutions, which it is promoting as a comprehensive suite of offerings that facilitate secure payments across a broad range of Internet-connected devices and wearables.
“Visa Digital Solutions provides the standards, tools and services to turn any Internet-connected device into a secure vehicle for commerce,” said Sam Shrauger, senior vice president (SVP) of Visa.
“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.”
Visa also highlighted the following developments that support new payment methods using smartphones:
- Wave-to-pay: Visa recently published 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 cloud or in a secure chip on the mobile device.
- Scan-to-pay: In June Visa published 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: Earlier this month Visa announced the launch of Visa Checkout, a quick and easy payment service that enables consumers in North America 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.
In terms of technology that helps protect consumers, Visa highlights its tokenisation efforts. In September, it will introduce a tokenisation service that strengthens payment security while facilitating industry innovation.
Tokens replace the 16-digit account information found on plastic cards with a numeric substitute, facilitating payment transactions without sharing sensitive account information.
Visa Digital Solutions will initially be 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 will also launch an extended developer centre in early 2015, providing product specifications, APIs, SDKs, as well as implementation guidelines for financial institutions, merchants and third-party payment providers.
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