On Friday, Visa formally launched a new partner program designed to “accelerate the introduction of innovative payment solutions globally.”
As the global migration from cash to electronic payments moves forward full-steam ahead, Visa wants to do its part to keep the industry traveling at warp speed.
“The pace of innovation in the payments industry requires a new approach that ensures innovative payment methods can be tested, approved and commercialized quickly,” explains Jim McCarthy, global head of product at Visa. “While it is critical that we ensure new payment methods are secure and reliable, it is equally important to allow great ideas to become new ways to pay and be paid.”
So what can you expect from the Visa Ready Partner Program?
In short, it’s designed to provide innovators a path to ensure that devices, software and solutions used to initiate or accept Visa payments are compatible with Visa’s requirements, which may vary by country.
“It also provides a framework for the collaboration with Visa, as well as guidance and best practices to access the power of the Visa network,” Visa says in a press release this morning.
Mobile point-of-sale acceptance (mPOS) providers, mobile NFC-enabled device manufacturers, and chip and platform providers are among the stakeholders that are already playing a critical role in enabling new ways to pay and that will benefit from the Visa Ready Partner Program.