Visa Introduces New Cloud Payment Solutions Suite
Visa today rolled out its Visa Cloud Payment Solutions suite geared toward OEMs, merchants and financial institutions.
The company is offering up the mobile payments suite for secure embedding of a Visa account on a mobile device and baking it into a mobile application.
“Visa Cloud Payment Solutions provides the standards, tools and services to turn any Internet-connected device into a secure vehicle for commerce,” Sam Shrauger, senior vice president of digital solutions at Visa, said in a statement.
The company broke down the new offering into two segments: support for new payment options and security. The solution supports wave-to-pay, click-to-pay and scan-to-pay.
Visa is replacing the traditional 16-digit account information found on standard magnetic strip cards with “tokens,” which the company said can be processed without sharing account information. Tokens can be stored on devices, within mobile applications and web-based applications. Because they’re based on existing ISO standards, tokens can be processed by the technology merchants and financial institutions already have in place.
Visa plans to make the technology fully commercially available in the U.S. by January 2015 and follow up shortly after in more countries. The company will release a series of APIs, SDKs and other product specifications in early 2015 as well. The new cloud payments solutions will be available through the existing Visa Ready program.