Visa Opens Technology Center in Bangalore; Accelerates Digital Commerce Globally
Company announces launch plans for new mobile payment service called mVisa
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Visa's new technology development center in
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
“India has fast become one of the world’s most important technology epicentres with an incredible pool of technology talent,” said
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
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
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
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
“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
2 According to an
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