Visa Launches Digital Solutions Suite
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:
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.