Visa Ready program simplifies onboarding for small and medium-sized
merchants who want to deploy QR code digital payments
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 1, 2017--
Today Visa (NYSE:V) announced its support of the new global QR Code
Payment Specifications from EMVCo, the global technical body that
manages the EMV Specifications. The specifications cover
consumer-presented and merchant-presented QR code use cases for digital
payment acceptance. QR codes are two-dimensional machine-readable
barcodes, used to facilitate mobile payments at the point-of-sale.
Visa and the other EMVCo Members worked to develop these new globally
interoperable EMV specifications. Visa has already successfully enabled
the merchant-presented QR technology in 15 countries around the world,
with India, Kenya and Nigeria currently live in market with both bank
and merchant partners.
“We’ve already seen tremendous progress towards adoption of
standardized, interoperable QR code payment systems in the developing
world,” said Sam Shrauger, SVP, Digital Products, Visa. “We are working
with governments and central banks in countries like India to develop
and implement QR code payment solutions that provide the convenience and
security that are synonymous with Visa and help the journey toward a
Easy Implementation for Merchants
Visa has enabled the growth of merchant-presented QR code payments
around the world with its innovative mobile payments solution, mVisa.
mVisa allows consumers to pay for goods and services by scanning a QR
code on a smart phone or entering a merchant number into their feature
phones. Payment goes straight from the consumer’s Visa account into the
merchant’s account and provides real-time notification to both parties.
mVisa is completely interoperable, meaning that the consumer and the
merchant do not need to be customers of the same bank. This brings the
same convenience, security and reliability provided by the trusted Visa
For merchants eager to harness the power of QR code payments, the Visa
Ready Program has adopted the interoperable QR standards to develop
tools and capabilities which help easy generation and deployment of QR
code merchants by banks, processors and merchant aggregators. Once
enrolled, merchants can freely accept payments from any country or bank
given mVisa’s interoperability while trusting Visa will securely and
efficiently process each transaction.
QR Code Payments Driving a Cashless Future
As digital payments help continue a shift toward a cashless future, this
new global specification is an important step that promotes
interoperability and standardizes the fast growing ecosystem of QR code
payments across the world. Already, 33 banks and more than 328,000
merchants across India, Kenya and Nigeria have adopted the interoperable
standards as they accelerate their QR code digital payment programs.
“mVisa enables successful completion of the transaction independent of
the mobile operator service on both the consumer and the merchant’s
phone, and the consumers and merchant’s banks,” said Shrauger. “This
addresses a major challenge with mobile money programs, and lets
consumers and merchants choose their own bank or mobile operator.”
Reserve Bank of India has encouraged the adoption of standardized QR
code payments to provide access to low-cost, secure digital payments to
millions of consumers and merchants. Working with our partners, Visa is
converting both everyday and recurring cash purchases to digital
payments through direct integrations with supermarket chains and large
utility billers. By presenting dynamic QR codes to consumers that
provide a seamless payment experience, billers such as Tata Sky, Idea
Cellular, Reliance Energy, Mahanagar Gas, as well as Pizza Hut and
supermarket chains Nakumatt, Spar, and Zucchini, are bringing benefits
of digital payments to millions of potential customers.
Visa intends to replicate this success in 12 other countries where mVisa
has been enabled: Cambodia, Egypt, Ghana, Indonesia, Kazakhstan,
Malaysia, Pakistan, Rwanda, Tanzania, Thailand, Uganda and Vietnam.
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and governments
in more than 200 countries and territories to fast, secure and reliable
electronic payments. We operate one of the world’s most advanced
processing networks — VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud protection for
consumers and assured payment for merchants. Visa is not a bank and does
not issue cards, extend credit or set rates and fees for consumers.
Visa’s innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead with
prepaid or pay later with credit products. For more information, visit https://usa.visa.com/
View source version on businesswire.com: http://www.businesswire.com/news/home/20170801005582/en/
Source: Visa Inc.
Andy Gerlt, 415-805-5153