The Future of the Point of Sale Is Here: Visa Pioneers Cloud-based Payment Acceptance
Today Visa (NYSE: V) announced a new platform, Visa Acceptance Cloud (VAC), set to revolutionize the way businesses accept payments from their customers. Following the success of the company’s popular “Tap to Phone” solution, VAC will let acquirers, payment service providers, point of sale (POS) manufacturers, and Internet of Things (IoT) players move payment processing software from being embedded in each hardware device to being universally accessible in the cloud.
Already live across six geographies, VAC will help innovators transform almost any device into a cloud-connected payment terminal, while providing seamless, cloud-based software updates, robust analytics, and network services from Visa. Since VAC runs on Visa’s data centers, it also offers leading data security capabilities.
“Cloud acceptance is the future of payments,” said Mary Kay Bowman, senior vice president and global head of payment and platform products, Visa. “Cloud-connected POS lets sellers accept payments across a range of devices quickly, simply, and safely, whether at an unattended kiosk in a hotel, a mirror in a high-end retail store or virtual in-home gym, or a smart phone in the hands of a small seller with a roadside newsstand.”
In January 2020, Visa first showcased the power of “Tap to Phone,” an industry-first solution that transforms current generation Android smartphones and tablets into contactless point of sale terminals. Tap to Phone was Visa’s first offering that let sellers accept payments on the devices they already own, just by downloading an app. As of December 2021, there were more than 300,000 devices across 54 countries using Tap to Phone.
Expanding beyond phones, Visa Acceptance Cloud enables any POS or connected device to seamlessly accept payments and to incorporate a range of added services, including buy now, pay later, fraud management, Rapid Seller Onboarding, and advanced data analytics. The ongoing pilots in North America, South America, Europe, Africa, Asia and Australia cater to a variety of use cases, including retailers and restaurants in Australia through Visa’s work with U.S.-based fintech, Bleu, NOBAL Technologies’ smart mirror and public trains in Brazil.
“Bleu is working with Visa to bring seamless payments to businesses across Australia for the very first time,” said Sesie Bonsi, President & CEO, Bleu. “While the average business owner can spend as much as $1,000 on POS devices, plus countless hours and more money on time consuming certification processes, moving to Visa Acceptance Cloud removes the barriers of traditional hardware and burdens of device-bound kernel certifications, making it easier for the independent business that we serve to deliver touchless payment options to their customers through any connected device.”
“Retailers are looking to enhance their in-store customer experience to meet the speed and convenience of the online and in-store checkout experiences,” says Bill Roberts, CEO, NOBAL Technologies. “NOBAL‘s intelligent mirror in partnership with VAC from Visa provides payment experiences on our mirror without the expense and expertise required for embedded hardware modules, helping us push the future of retail in new ways.”
“VAC is a universal platform that helps open up acceptance for all – by freeing our leading technology partners to innovate. On one end of the spectrum, cloud acceptance helps drive inclusion for more small sellers who want to offer digital payments. On the other end, Visa Acceptance Cloud enables advanced shopping and buying experiences that will be central to the future of retail for businesses of all shapes and sizes,” continued Bowman. “Moving acceptance to the cloud opens up the possibility of so much innovation from the entire payments ecosystem. This is only the beginning.”
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
ABB Acquires Controlling Interest in InCharge Energy, Strengthening its EV Charging Solutions in the U.S.27.1.2022 12:00:00 CET | Press release
ABB today announced the acquisition of a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions company InCharge Energy. The addition of InCharge Energy will strengthen ABB’s E-mobility Division in the North American market by broadening its customer base and expanding its fleet electrification software and digital services offering. The transaction is part of ABB E-mobility’s growth strategy and is intended to accelerate the expansion of its portfolio to include turnkey EV infrastructure solutions to private and public commercial fleets, EV manufacturers, ride-share operators, municipalities, and commercial facilities owners. Financial terms of the transaction were not disclosed. InCharge Energy tailors end-to-end EV charging infrastructure solutions, from initial consultancy and recommendations on required energy upgrades to the procurement, installation, operation, and maintenance of charging systems. It also provides cloud-based software services fo
How difficult was the journey of iDenfy?27.1.2022 10:47:00 CET | Press release
iDenfy, which began its journey in 2017 as a Lithuanian startup, takes a look back to share about the company’s early days and the road it took to get to where it is today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220121005320/en/ iDenfy team (Photo: Business Wire) Even though iDenfy started to run in 2017, the idea goes back to 2015. Many industries, especially banking, weren't regulated to the extent they are now. Automated identity verification solutions dominated the marketplace but lacked security. The people behind the company decided to develop a supervised ID verification solution, and the decision remains at the core of the company today. Innovations and adaptations Even though iDenfy’s solution was rather primitive and the company only had three employees, the demand for a more secure verification was there. It allowed the company to secure its first clients and investments. “The marketplace was constantly ch
Ola Announces Futurefoundry27.1.2022 10:00:00 CET | Press release
Ola Electric, India’s leading manufacturer of EVs, today announced Ola Futurefoundry, its global center for advanced engineering and vehicle design. This center will be based in Coventry, UK, a global hub for the best automotive design and engineering talent in the world. Ola Futurefoundry will work in-synch with the design and engineering teams based at Ola Campus in Bangalore, India. It will house global talent across multiple disciplines of 2W and 4W vehicle design, advanced high performance automotive engineering, digital & physical modeling and more. It will also house talent that will focus on vehicle R&D around new energy systems including cell technologies. Ola will invest £100M over the next 5 years into the state of the art center and staff it with over 200 designers and automotive engineers. The centre will also partner with world class education and research institutions in the UK to collaborate on technology research and development. Bhavish Aggarwal, Founder & CEO, Ola sa
Terralpha harnesses ADVA TeraFlex ™ for 600G transport throughout France27.1.2022 09:00:00 CET | Press release
ADVA (FSE: ADV) today announced that Terralpha has deployed its FSP 3000 TeraFlex™ terminal to transport data at speeds up to 600Gbit/s between cities across France. The solution enables Terralpha – the new service provider arm of France’s SNCF railway group – to use its spare fiber capacity to offer low-latency, ultra-high-speed connectivity to customers. Now, enterprises, mobile network operators and government institutions can leverage flexible, highly reliable services for edge computing and 5G applications. What’s more, Terralpha’s network will enable homes and businesses in many underserved areas to access next-generation broadband and mobile connectivity. The new solution also features ADVA’s FSP 3000 OLS, flexgrid multi-degree ROADMs, its ALM fiber monitoring technology and its Ensemble Controller network management and control solution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220126005706/en/ ADVA’s TeraFlex™
Xsolla Expands Into India With Paytm Payment Gateway to Help Developers Sell Games to the India Market27.1.2022 08:56:00 CET | Press release
Xsolla, the video game business engine that helps developers and publishers launch and operate games globally, today announced it teamed up with Paytm Payment Gateway, India's leading payments solutions provider, to bring gaming payments solutions to India. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220126006130/en/ Xsolla expands into India with Paytm payment gateway (Graphic: Business Wire) Xsolla integrated Paytm’s Digital Wallet, Unified Payment Interface (UPI), and online banking payment solutions into its Pay Station platform. Video game developers and publishers can monetize their products in India giving them access to the massive gaming marketplace of more than 400 million gamers, second only to China’s playerbase. “India has become one of the fastest-growing game economies in Asia, bringing in approximately $1.5B annually, with growth expected to nearly triple by 2024,” said Xsolla’s Head of Payments and Commer
2022 SPIE and Photonics Media Prism Awards Celebrate Innovative Photonics Technologies27.1.2022 07:10:00 CET | Press release
Earlier this evening, following a festive reception during SPIE Photonics West, SPIE, the international society for optics and photonics, and Photonics Media recognized the top optics and photonics products on the market with their industry-focused Prism Awards. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220126005964/en/ 2022 SPIE and Photonics Media Prism Awards celebrate innovative photonics technologies at SPIE Photonics West. (Graphic: Business Wire) The 14th annual ceremony showcased a dynamic range of companies — from Luxexcel, PlenOptika, and Lumotive, to SWIR, LightPath Technologies, and ColdQuanta — applying innovative and creative solutions to critical problems in areas such as augmented and virtual reality, biomedical devices, autonomous vehicles, quantum, and industrial lasers. In addition, the 2021 Prism Award winners of last year’s virtual ceremony were recognized in person at the beginning of the program.
SAP to Acquire Leading Working Capital Management Company Taulia27.1.2022 07:01:00 CET | Press release
SAP SE (NYSE: SAP) today announced its intent to acquire a majority stake of Taulia, a leading provider of working capital management solutions. The move is aimed at giving companies better access to liquidity and improving their cash flows. The acquisition further expands SAP’s Business Network and strengthens SAP’s solutions for the CFO office. Taulia will operate as an independent company with its own brand in the SAP Group; Cédric Bru will remain CEO of Taulia, SAP CFO Luka Mucic will become Chairman of the Board. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220126006120/en/ Taulia offers early payment through supply chain finance, dynamic discounting and accounts receivable finance. Challenging economic conditions and disruptions in supply chains have significantly increased demand for early payment and the market for working capital management has seen strong growth. Taulia is recognized for its leading technology an
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom