Visa Digital Solutions makes “wave-and-pay” with mobile phones a
reality for consumers globally
SAN FRANCISCO--(BUSINESS WIRE)--
Visa Inc. (NYSE:V) today announced that it has partnered with several
leading financial institutions around the world to offer new mobile
payment services. BBVA and Cuscal launched new issuer-branded mobile
payment applications for mobile devices running on the Android operating
system. Additionally Banco do Brazil, PNC Bank, N.A., and U.S. Bank
intend to launch similar capabilities in the near future.
To use these new mobile payment services, consumers simply download
their financial institution’s mobile payment app from the Google Play
store. Following a one-time enrollment process, customers of
participating financial institutions who download and install the
application will be able to pay in-store with their Visa accounts by
waving their Android mobile phone in front of a contactless reader.
These capabilities are an integral part of Visa Digital Solutions, a
comprehensive suite of offerings that facilitate secure payments across
a broad range of Internet-connected devices and wearables.
“2015 is the year in which fast and safe mobile payments based on Visa
technology will proliferate across the world,” said Sam Shrauger, senior
vice president of digital solutions at Visa Inc. “We are very proud that
Visa’s Digital Solution is now accessible to the broader market to be
used across multiple devices and form factors – enabling secure, fast
and engaging commerce experiences in any environment.”
Visa Digital Solutions
A year ago at Mobile World Congress 2014, Visa launched new technology
that provides financial institutions, merchants and developers the
ability to securely deploy mobile payment apps with Android devices.
Specifically, Visa is offering capabilities that give financial
institutions the option to take advantage of Host Card Emulation (HCE),
a new feature in the Android mobile operating system that allows any NFC
application on an Android device to emulate a smart card.
Today’s announcement is a testament to the flexibility of Visa’s Digital
Solutions, which includes Visa’s software development kit (SDK) and the
Visa Token Service, an innovative technology that replaces sensitive
payment account information found on plastic cards, such as the 16-digit
personal account number, expiration date and security code, with a
unique series of numbers that can be used for payment without exposing
the underlying account details. Visa Token Service is the foundation for
Visa mobile payments through Apple Pay, HCE and other digital payments
apps and use cases coming to the market.
“Host Card Emulation has opened up the Android payments ecosystem to
innovation, democratizing access to NFC and paving the way for more
rapid uptake of mobile commerce services,” according to Jordan McKee,
senior analyst at 451 Research. “Inevitably, the technology will play a
marquee role in driving the proliferation of in-store mobile payments,
an opportunity 451 Research projects will reach $570.1 billion globally
by 2018.”
“It was a great experience working with Visa to implement the first
HCE-based mobile payment solution in the Asia Pacific region. Australia
has the highest usage of contactless payments anywhere in the world and
we’re expecting increased uptake of HCE this year,” said Adrian Lovney,
general manager, product and service at Cuscal. “We offer our clients
cost-effective access to the newest and best innovations in digital
payments and we’ll continue to work to make new payment methods a part
of everyday life.”
Briefing for press only at Mobile World Congress 2015:
Monday, March 2, 2015 at 4:00 – 5:00 pm CET, Visa will host a panel of
clients and industry partners to discuss cloud-based payments at its
exhibition booth, Hall 6, Stand 6D40. The 60-minute event will be
streamed live through the following link: http://www.streamingbarcelona.com/plataforma/visamwc15/.
For more information, please contact globalmedia@visa.com.
For more information about Visa Digital Solutions, please visit www.visa.com/digitalsolutions.
About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company
that connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast, secure
and reliable electronic payments. We operate one of the world's most
advanced processing networks — VisaNet — that is capable of handling
more than 56,000 transaction messages a second, with fraud protection
for consumers and assured payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead of time
with prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa,
visacorporate.tumblr.com
and @VisaNews.
Source: Visa Inc.