Visa Unveils New Commercial Standard for Mobile Payments

Visa Incorporated has announced a new program that connects financial institutions and technology companies to simplify and accelerate the roll-out of new payment and commerce services.

Visa's new Digital Enablement Program (VDEP) builds on the company's secure token technology and adds a turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and leading technology partners around the world. Google, with its Android Pay payment solution, is Visa's first international program partner.

Designed to simplify how partners access Visa's secure token technology, Visa’s Digital Enablement Program provides fast and easy integration, among others.

A statement from the firm explained that financial institutions and technology companies can achieve scale quickly by connecting to one another through VDEP, with no need for a complex set of contractual agreements and technology integrations.

"Financial institutions, merchants and technology companies can drive growth through a simple, scalable commercial construct with no pass-through fees between technology partners and financial institutions. VDEP brings together a powerful combination of secure token technology, risk and fraud management services and customer data protections," it added.

According to the statement, available to Visa’s 14,500 global financial institution clients, the VDEP would offer banks and technology partners its platform for delivering secure mobile and digital payment services on a truly international scale.

"With so many people using Android devices and a passionate developer community, we couldn’t be more excited to have Google as a partner in our program launch,” said Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa. “Through our new program, financial institutions can take advantage of our secure token technology to deliver the most popular mobile and digital payment services on the market today to their customers.”