Company announces launch plans for new mobile payment service called
BANGALORE, India--(BUSINESS WIRE)--Aug. 5, 2015--
Visa Inc. (NYSE:V) today announced the opening of a new technology
development center in Bangalore, India, that will play a central role in
the company’s efforts to accelerate digital commerce globally. As part
of the opening ceremonies, Visa announced mVisa, a new mobile payment
service that will be tested this summer with merchants across the
Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank,
and SBI (State Bank of India).
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Visa's new technology development center in Bangalore, India. (Photo: Business Wire)
Visa’s new 100,000 square feet technology center is part of the Bagamne
World Technology Center, a 70-acre campus in the heart of India’s IT
corridor. The center is a combination of office and collaboration spaces
that will be the home for 1,000 Visa developers. This team is tasked
with making it easy for application developers to access Visa’s 400
payment products and services in order to build their own payment
experiences that can work across a broad range of connected devices.
This center is one of several facilities planned by Visa in the U.S. and
Asia, and is part of a global strategy to transform Visa’s global
processing network into an open commerce platform.
“India has fast become one of the world’s most important technology
epicentres with an incredible pool of technology talent,” said Charlie
Scharf, Chief Executive Officer, Visa Inc. “Our new center in Bangalore,
which complements others planned for Singapore and the U.S., will help
Visa to accelerate the development of next generation payment solutions
that enable secure, digital commerce through connected devices like
mobile phones, PCs, tablets and even cars.”
Consumer purchase behaviors are changing dramatically with the use of
mobile phones and other connected devices that embed the ability to shop
and pay into consumer’s daily lives. According to a recent report by
Juniper Research, worldwide mobile payment transaction volume, including
all payments made via a mobile phone and tablet, is projected to reach
$3.27 trillion by 2018.1 Also purchases made via tablet or
smartphone increased 48 percent in 2014 – that is three times the growth
in desktop purchasing.2
Visa Stepping Up Technology Development
Visa developers have created a new payment service, mVisa, which brings
the benefits of secure digital commerce to financial institutions,
merchants and consumers in emerging markets. The new service will be
tested in India later this year with select customers of Axis Bank, HDFC
Bank, ICICI Bank, and SBI, and with merchants across the greater
Bangalore region. With mVisa, consumers can make cardless purchases, pay
bills and send money to friends and family members.
Here is how mVisa works:
Consumers will be able to download the mVisa application to their
smart or feature phone and securely link their Visa debit, credit or
prepaid account to the mVisa application.
Once activated, mVisa enables consumers to pay for purchases in stores
and online by simply initiating a transfer of funds from their account
to the merchant’s account. Additionally, mVisa users will be able to
pay bills and send funds to other Visa account holders.
mVisa transactions are processed via Visa’s global network, VisaNet,
applying the scale, security and reliability of Visa to mobile
payments in emerging markets. The service is designed to enable
consumers to engage in secure, digital commerce, and more easily
access funds in their existing bank accounts to make everyday
purchases and pay utility bills.
Merchants and billers benefit by offering consumers a more convenient
and secure way to pay, and are instantly notified via SMS text message
when a payment has been received.
Starting in September, mVisa will be available to 20,000 merchants in
the greater Bangalore region.
mVisa is one of several initiatives that Visa has undertaken to
accelerate the global migration from cash to digital commerce. The
company is increasing its recruitment efforts, adding 2,000 full time
employees to an already accomplished team of technologists who will work
in development centers in India, Singapore and the U.S.
“For the past 50 years, access to Visa’s technology environment was
tightly controlled and available only to developers at financial
institutions and merchants – a strategy that helped drive the migration
from cash to electronic commerce in a secure manner,” said Rajat Taneja,
EVP of technology at Visa Inc. “Today, as commerce shifts to digital
environments where consumers can make secure purchases using mobile
devices, it is critical that we open up Visa’s network and make it
easier for developers globally to access our payment platform – making
secure Visa payments a standard feature of mobile applications.”
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,
1 Juniper Research: “Mobile & Online Purchases; Cards,
Carrier Billing & Third Party Payment Platforms 2015-2020,” July 15,
2 According to an October 14 study from BI Intelligence, a
research service from Business Insider, THE E-COMMERCE REPORT: Mobile Is
Giving Traditional Retailers A Chance To Bounce Back These Holidays
View source version on businesswire.com: http://www.businesswire.com/news/home/20150805005526/en/
Source: Visa Inc.
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