Visa is making another big push to drive cash users to electronic payments. The card giant has launched a new initiative, the Visa Ready Partner Program, designed to help mobile device-makers, network operators and others navigate the payments ecosystem and gain access to Visa IP, licenses and best practices.
The Visa Ready Partner Program is meant to ensure that devices, software and solutions used to initiate or accept Visa payments are compatible with Visa requirements, which may vary by country.
"The pace of innovation in the payments industry requires a new approach that ensures innovative payment methods can be tested, approved and commercialized quickly," said Jim McCarthy, global head of product at Visa Inc. "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."
The program also provides a framework for collaboration with Visa, plus guidance and best practices to access the power of the Visa network. Program stakeholders include mobile point-of-sale providers, mobile NFC-enabled device manufacturers, and chip and platform providers.
The Visa Ready Partner Program will make it easier for FIs and merchants to adopt new, innovative payment methods that are approved by Visa, the company said. The program will use existing approval and certification processes from payments industry standards bodies and will rely on labs certified by EMVCo and the Payment Card Industry Security Standards Council to conduct testing of new payment solutions.
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