New Commercial standard for mobile payments with Visa
Visa intends to connect financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services with the new Visa Digital Enablement Program (VDEP). The new program 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.
The announcement comes a day after Mastercard in collaboration with Google unveiled Android Pay, which will enable MasterCard credit, debit, prepaid and small business cardholders to use their Android phones for everyday purchases in-store and within Android apps. The new application provides MasterCard cardholders with even more options for paying on the go using their choice of mobile device. 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, the new 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 android devices being ubiquitous, the new program will serve multiple mobile payment platforms with financial institutions being chief targets of the program. Banks and other financial institutions will have the advantage of executing mobile and digital payment services on the market today to their customers riding on the secure token technology.