Payment technology

Visa announces new secure payments offerings for internet devices

visa_logo-300x173Visa announced last week a new suite of offerings aimed at securing payments across a number of internet-connected devices and wearables.

Visa Digital Solutions offerings will fall into two categories: support for new methods of payment and technology to protect consumers and facilitate innovation, according to a Visa press release.

“Visa Digital Solutions provides the standards, tools and services to turn any Internet-connected device into a secure vehicle for commerce,” Visa Senior Vice President Sam Shrauger said. “Smartphone manufacturers can securely load a Visa account within a device, merchants can directly embed Visa payment functionality into their mobile apps and financial institutions can offer mobile and online payments as part of their mobile banking applications.”

A new software development kit for merchants and financial institutions will facilitate the integration of Visa payWave technologies into mobile applications, and Visa Checkout will allow consumers in the U.S., Canada and Australia to purchase goods online on any device.

Additionally, Visa’s new token service will provide tokenization to strengthen payment security by replacing 16-digit account information on plastic cards with an encoded substitute that can be stored directly in mobile devices.

The tokens, which are based on existing ISO standards, can be used on a limited basis with specific merchants or on certain mobile devices, and tokens linked to stolen or lost mobile devices can instantly be reissued without changing account numbers.

Many of the suite’s offerings are currently available, with the rest expected to become available by the end of the year.

This year, mobile phone and tablet e-commerce is expected to reach $114 billion in the U.S., according to research firm Forrester, approximately two-thirds of which will be on tablets.

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