Visa Announces New Commercial Standard for Mobile Payments

May 28, 2015 at 1:49 PM EDT

Google’s Android Pay is the first partner to participate in the Visa Digital Enablement Program

SAN FRANCISCO--(BUSINESS WIRE)--May 28, 2015-- Visa Inc. (NYSE:V) today announced a new program that connects financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services. Visa's new Digital Enablement Program (VDEP) builds on the company's secure token technology and adds a turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and leading technology partners around the world. Google, with its Android Pay payment solution, is Visa's first international program partner.

Designed to simplify how partners access Visa's secure token technology, Visa’s Digital Enablement Program provides:

  • Fast and easy integration: Financial institutions and technology companies can achieve scale quickly by connecting to one another through VDEP, with no need for a complex set of contractual agreements and technology integrations.
  • No-cost commercial framework: Financial institutions, merchants and technology companies can drive growth through a simple, scalable commercial construct with no pass-through fees between technology partners and financial institutions.
  • Robust security and consumer data protection: VDEP brings together a powerful combination of secure token technology, risk and fraud management services and customer data protections.
  • International scale and reach: Available to Visa’s 14,500 global financial institution clients, VDEP will offer banks and technology partners Visa’s first platform for delivering secure mobile and digital payment services on a truly international scale.

"With so many people using Android devices and a passionate developer community, we couldn’t be more excited to have Google as a partner in our program launch,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa. “Through our new program, financial institutions can take advantage of our secure token technology to deliver the most popular mobile and digital payment services on the market today to their customers.”

For more information 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.

Visa Inc.
Amanda Pires, +1-650-445-8169
apires@visa.com
Kryssa Guntrum, +1-415-805-4488
kguntrum@visa.com