March 7, 2015
The words of Visa’s global president at the Mobile World Congress clearly show that Visa’s efforts in the rollout of Apple Pay have now put it in a position to help other mobile payment systems as well. Visa intends to establish a platform that is not only scalable, reliable and safe, but also has an open architecture. Moreover, Visa wants its platform to act as a medium for partners to develop their own payment products.
Here are some recent updates that show Visa is already heading forward with this directive:
Visa & Samsung Pay
Eligible consumers in the U.S. will soon be able to make secure Visa payments with Samsung Pay, Samsung’s new payment service scheduled to launch later this year. Samsung Pay is supported by Visa Token Service technology, which is designed to enable secure payments throughout a broad range of connected devices. This new innovative technology from Visa replaces sensitive payment account information found on plastic cards, such as the 16-digit account number, expiration date, and security code, with a unique series of numbers that can be used to authorize a payment without exposing actual account details – helping to make mobile payments safer for everyone, everywhere.
Visa Partnering with Financial Institutions in Multiple Geographies
Visa recently announced that it has partnered with several leading financial institutions around the world to offer new mobile payment services. BBVA and Cuscal recently 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. 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.
Visa helps Extend Mobile Payment Services to Seven African Nations
Visa has partnered with Bharti Airtel, a telecom service provider, to bring innovative mobile payment services to seven markets in Africa. The countries include Gabon, Ghana, Kenya, Madagascar, Rwanda, Seychelles, and Tanzania. Visa and Airtel will build on the existing capabilities of Airtel’s Mobile Money service, allowing subscribers to use their Airtel Money account to pay in stores and online, wherever Visa is accepted. Additionally, customers can withdraw money and make payments from their Airtel Money account using their Airtel Money Visa companion card.