Visa announced last week that it signed agreements with iZettle, SumUp and Swiff, mobile point-of-sale providers, to allow merchants to accept Visa payments.
The three companies will participate in the Visa Ready program to prepare their mobile acceptance software and hardware tested and approved for use by Visa.
“The Visa Ready Program is designed to provide innovators with an easy way to collaborate with Visa and gives merchants and consumers the peace-of-mind they need when transacting with a mobile phone,” Jim McCarthy, the global head of innovation and strategic partnerships at Visa, said. “Mobile acceptance technology is precisely the kind of innovation we need to bring the benefits of electronic payments to more merchants, financial institutions and consumers around the globe.”
Visa also announced its approval of two new mPOS devices from AnywhereCommerce and Miura Systems to accept Visa payments.
mPOS solutions have grown in popularity, particularly among micro and small merchants, and have helped to push the switch from cash to electronic payments. Between 2011 and 2012, the number of mPOS terminals worldwide increased by 111 percent, from 4.5 million to 9.5 million, and the number is expected to reach 38 million in 2017.
iZettle, SumUp and Swiff will have access to guidance, software and application interfaces from Visa.
A recent survey by Javelin Strategy and Research found that 70 percent of U.S. merchants do not accept electronic payments—a market opening valued at $1.1 trillion per year.
“Mobile POS opens up the market to all merchant tiers, from the largest big box retailers to the smallest micro-merchants, which never would have dreamed of accepting card payments in the past,” Mary Monahan, the executive vice president and research director for Javelin’s mobile division, said. “Our research shows the attraction of mobile POS also extends to the other side of the counter: the majority of consumers view mobile checkout as very or extremely convenient.”