The way we pay has evolved dramatically over the last 50 years. The “electronification” of commerce has helped to stimulate economic growth, reducing inefficiencies and providing consumers convenient and secure access to their funds. Mobile technology, in particular the introduction of low cost mobile “card readers” is helping to drive the migration from cash and checks to electronic forms of payments.
From emerging markets, where traditional acceptance infrastructure simply does not exist, to farmers markets and coffee shops in developed countries, mobile point-of-sale acceptance is helping to displace cash payments and enabling merchants of all sizes – even the smallest ones – to accept card payments. It is an inventive solution from both the technology and business model points of view, which leverages the broad penetration of mobile phones to add acceptance to those segments of merchants where cash used to be the only available option.
At Visa, we see great potential to accelerate the migration to electronic payments through mPOS solutions. By helping to promote the use of these services in the Visa system, we believe they will have a greater uptake and benefit more consumers and merchants worldwide. But we want to do that in a responsible way, so to ensure that innovative payments like mPOS technology provides the same security, reliability and scale as traditional payment terminals.
This is why earlier this year we launched the Visa Ready Program, a streamlined process for the testing and approval of new payment solutions that enables our business partners to more rapidly deploy products for use with Visa payments. Last week, we’ve announced five new leading mobile acceptance providers to join the program: AnywhereCommerce, iZettle, Miura Systems, SumUp and Swiff. Two of them, AnywhereCommerce and Miura System, already have mPOS devices that are approved to accept Visa payments.
There are over two billion Visa cards around the world today and with every new mPOS device that is put out there lays an opportunity to displace paper-based payments. In the United States alone, mPOS can help to migrate more than $1.1 trillion yearly from paper to electronic payments. This is a tremendous opportunity for solutions providers, financial institutions and merchants. Visa is ready to help our clients and partners seize this great momentum, while at the same time giving consumers the peace of mind they need to transact in the mobile channel.
For detailed information on last week’s announcement, click here.
Posted by: Matt Dill, Global Head of Business Development on June 10, 2013 at 11:56 am