Jun 11, 2013
Singapore, June 6th 2013 - Visa Inc. today announced that it has signed agreements with three leading mobile point-of-sale (mPOS) providers to enable merchants of all sizes to accept Visa payments using mobile technology. iZettle, SumUp and SCCP Group’s Swiff, will participate in the Visa Ready Program to have their mobile acceptance hardware and software tested and approved for use with Visa payments. Additionally, Visa announced that it has approved two new mPOS devices by AnywhereCommerce and Miura Systems to accept Visa payments. The companies aim to displace cash and checks with electronic payments by making it easier for merchants and acquirers in key geographies to deploy secure mobile acceptance terminals.
“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,” said Jim McCarthy, Global Head of Innovation & Strategic Partnerships, Visa Inc. “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.”
The growing popularity of mPOS acceptance solutions, especially among micro and small merchants, is helping to drive the migration from cash to electronic payments. From 2011 to 2012, the number of mobile point-of-sale terminals in operation worldwide increased 111 percent, from 4.5 million to 9.5 million, and it is expected to reach 38 million in 2017.
As part of the agreements, iZettle, SumUp and Swiff can have access to guidance, best practices, APIs (Application Program Interfaces) and SDKs (Software Design Kits) from Visa, including:
· Tools: Reference applications and tools to enable the ongoing development of magnetic stripe, EMV-chip (contact and contactless), and mobile acceptance solutions.
· Direct Connection to Visa: In select countries, Visa can enable iZettle, SumUp and Swiff to directly connect to Visa through the Visa POS Solutions platform or payment gateways such as CyberSource and Authorize.Net, the merchant platforms acquired by Visa in 2010. This will enable simplified processing of EMV-chip transactions.
· Value-Added Services: Visa can also provide the companies with access to value-added services, such as the ability for merchants to offer instant redemption of special offers at the point-of sale.
· Visa Ready Symbol: iZettle, SumUp and Swiff will be able to use the Visa Ready symbol to promote and market their devices once they have been approved for use with Visa payments.
AnywhereCommerce and Miura Systems can already use the Visa Ready symbol to market their Visa approved devices.
According to a recent Javelin Strategy and Research report, in the United States alone, 70% of the total number of merchants – approximately 19 million – currently do not accept electronic payments and could benefit from mPOS solutions. When the spending at these merchants is added together, it represents an opportunity to migrate more than $1.1 trillion yearly from paper to electronic payments.
“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,” said Mary Monahan, Executive Vice President and Research Director, Mobile, Javelin Strategy & Research. “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.”
Re-disseminated by The Asian Banker