Visa Inc. today announced the opening of a new technology development center in Bangalore, India. This center is part of Visa’s global strategy to change its worldwide processing network into an open commerce platform. In its opening ceremonies, Visa also announced mVISA, a new mobile payment service that will be tested during the summer with retailers all over Bangalore region and with customers of Axis Bank, HDFC Bank, ICICI Bank and SBI (State Bank of India).
The new 100,000 square-foot technology center of Visa is part of the Bagmane World Technology Center, a 70-acre campus in the heart of India’s IT corridor. The center will be the home for 1,000 Visa developers and is a combination of office and collaboration spaces. 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.
“India has fast become one of the world’s most important technology epicenters with an incredible pool of technology talent,” said Charlie Scharf, Chief Executive Officer, Visa Inc., in the press release. “Our new center in Bangalore, which complements others planned for Singapore and the US, 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.”
The purchasing behavior of consumer has changed over a period of time with the increase in mobile usage and other connected devices. 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. Also, purchases made via tablet or smartphone increased 48% in 2014—that is three times the growth in desktop purchasing.
mVISA is a new payment service created by Visa developers which provides the advantage of secure digital commerce to financial bodies, retailers and users in emerging markets. This new payment service will be tested in India later this year with particular customers of Axis Bank, HDFC Bank, ICICI Bank, SBI and with retailers in the greater Bangalore region. mVISA lets consumers make cardless purchases, bill payments and peer-to-peer transfers to family and friends.
“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., in the press release. “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.”