Visa announced on Wednesday that iZettle, SumUp and Swiff will have their mobile point-of-sale solutions examined for use in the Visa Ready Program, which allows merchants of all sizes to accept mobile Visa payments.
“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, Visa’s global head of innovation and strategic partnerships, 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.”
Under the agreement, the three providers will have access to Visa’s guidance, best practices, application program interfaces and software design kits, including tools to assist in the development of EMV-chip and mobile acceptance solutions, direct access to Visa through payment gateways, access to value-added services and the ability to display the Visa Ready symbol.
A recent study by Javelin Strategy and Research found that 70 percent of U.S. merchants do not accept electronic payments. Mobile payment solutions have increased in popularity, particularly among micro and small merchants. Between 2011 and 2012, the number of mobile point-of-sale terminals worldwide increased 111 percent.
“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.”