Visa Inc (NYSE:V) is offering the integration of its payments technology to accelerate the global adoption of the new mobile and near field communications (NFC) payments technology.
The credit card company's initiative called the Visa Ready Partners Program enables mobile device manufacturers, mobile network, operators, technology partners, and many others to gain access to Visa IP, licenses and best practices.
According to Visa Inc (NYSE:V), its partners program will ensure that the devices, software, and solutions that will be used to accept VISA payments are compatible with the company’s requirement in every country.
The company said it would collaborate, provide guidance, best practices and access to its networks to stakeholders such as mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, chip and platform providers who play critical roles in the development and implementation of innovative ways to accept payment.
“The pace of innovation in the payments industry requires a new approach that ensures innovative payment methods can be tested, approved and commercialized quickly. While it is critical that we ensure new payment methods are secure and reliable, it is equally important to allow great ideas to become new ways to pay and be paid,” said Jim McCarthy, global head of Visa Inc (NYSE:V).
Under the Visa Ready Partners Program, Visa Inc (NYSE:V) will use its existing approval and certification process from authorities in the payment industry. The Payment Card Industry Security Standards Council (PCI SCC) will test the payment solution while EMVCo will do the lab certification.
The company will also utilize its existing program for the approval of NFC enabled devices and a new program to enable mobile point-of-sale acceptance solutions that meet local requirements.
Stakeholders engaged in the development and implementation of the mPOS payment solution will receive VISA’s requirements, best practices, security, brand integrity, and interoperability to support open development a viable payments solution.
The credit card company will provide them with applications, tools and services to develop solutions compatible magnetic-stripe, EMV-chip, and contactless-card payments. It will make its API and SDK open and available to enable mPOS providers in select markets to connect to visa through several payment gateways including CyberSource and Authorize.
For Mobile NFC payments, Visa will establish clear guidelines for extensive technical, security and usability testing for the functionality of Visa payments and ensure transactions initiated through NFC mobile devices are secure and in complies with global standard and chip-enabled payments. It will also establish signal range for mobile NFC-enable devices hosting its payWave application.
Visa Inc (NYSE:V) emphasized that the Visa Ready Partners program helps merchants and financial institutions to grow their business because it allows them to easily use new payment solutions approved by the credit card company. According to the company, approved Visa payments will carry the Visa Ready symbol.