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|Visa Introduces Visa Ready Partner Program|
"The pace of innovation in the payments industry requires a new approach that ensures innovative payment methods can be tested, approved and commercialized quickly," said
The Visa Ready Partner Program is designed to provide innovators a path to ensure that devices, software and solutions used to initiate or accept Visa payments are compatible with Visa's requirements, which may vary by country. It also provides a framework for the collaboration with Visa, as well as guidance and best practices to access the power of the Visa network. Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are among the stakeholders that are already playing a critical role in enabling new ways to pay and that will benefit from the Visa Ready Partner Program.
For financial institutions and merchants, the Visa Ready Partner Program will make it easier for them to adopt new, innovative payment methods that are approved by Visa and can help them drive business growth by expanding the use and acceptance of electronic payments globally. The program will use existing approval and certification processes from payments industry standards bodies and will rely on labs certified by EMVCo and the
At launch, the Visa Ready Partner Program encompasses Visa's existing program for the approval of mobile NFC-enabled devices, as well as a new program to enable mobile point-of-sale acceptance solutions that meet local requirements. In addition, Visa has developed the Visa Ready symbol to identify payment devices and solutions approved for use with Visa payments.
Visa Ready for Mobile Acceptance (mPOS) Solutions
Mobile technology is enabling merchants of all sizes to accept card payments. Used everywhere from the local farmers market to soft drink distributors, mobile devices paired with payment card readers are expanding the reach of electronic payments globally. As part of the Visa Ready Partner Program, Visa is paving the way for mPOS providers to accelerate the deployment of mobile point-of-sale acceptance solutions by:
Visa Ready for Mobile (NFC) Payments
Mobile phones are also transforming the consumer shopping experience, allowing consumers to make purchases with a wave of their smartphone. Near Field Communication (NFC) technology, the short-range communications standard that transforms mobile phones into payment devices, is expected to reach critical mass in 2013. According to
As part of the Visa Ready Partner program, Visa is streamlining its compliance testing process for both mobile NFC devices and secure chips that host the Visa payWave application by:
Visa has played a leadership role in establishing global standards for new and emerging payment methods that are compatible with existing technology and security standards in countries around the world. The Visa Ready Partner Program will enable Visa and our partners to innovate responsibly, developing solutions that offer the same high degree of security, reliability and scale consumers have come to expect from Visa.
Visa 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 24,000 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, ahead of time with prepaid or later with credit products. For more information, visit corporate.visa.com.
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