Visa Inc. has announced the launch of Visa Developer, making the world’s largest retail payments network an open platform that hopes to drive innovation in payments and commerce.
With this new platform software application developers will have open access to industry leading payments technology, products and services by Visa.
The new Visa Developer platform is designed to help financial institutions, merchants, and technology companies meet the demands of consumers and merchants, who increasingly rely on connected devices to shop, pay and get paid. At launch, the new platform will offer access to some of Visa’s most popular payment technologies and services including account holder identification, person-to-person payment capabilities, secure in-store and online payment services such as Visa Checkout, currency conversion and consumer transaction alerts. Visa plans to provide access to more of its payment capabilities over the next year.
“As the leader in payments we have an opportunity to transform global commerce by opening-up access to our global network and supporting our clients, industry partners and innovators in their pursuit of creating new, easier and more secure ways to pay,” said Charlie Scharf, chief executive officer, Visa Inc. “Visa Developer represents not only a new access point to our network, but a new distribution platform for Visa products and services globally.”
Over the past few months leading financial institutions, technology companies, and start-ups have participated in beta trials of the new Visa Developer platform and many have already created innovative prototype applications using Visa technology. Trial partners include Capital One, CIBC, Emirates NBD, National Australia Bank (NAB), RBC, TD Bank, Scotiabank, TSYS, U.S. Bank and VenueNext.
The creation of the Visa Developer platform has been a multi-year initiative led by Visa’s global product and technology teams. The team is transforming Visa’s payment products and services into application programming interfaces (APIs), standard technology used by developers for building software and applications. Key attributes that differentiate Visa’s global developer program include:
“We are unbundling Visa’s full suite of products and services and giving developers open access to the underlying payment capabilities,” said Rajat Taneja, executive vice president of technology, Visa Inc. “We believe this will lead to the creation of entirely new commerce experiences with Visa technology integrated to enable greater security, scale and convenience when it comes time to pay. When you add the ability to distribute those new experiences across Visa’s global network, you can see why Visa Developer will become the preferred playground for developers everywhere.”
Visa’s vision for its global developer engagement program includes the creation of a marketplace that enables thousands of financial institutions, millions of merchants and technology companies to collaborate, share and search for innovative digital commerce applications and services.
The Visa Developer platform is an important development for Australia according to Marty Kerr, Country Manager, New Zealand & South Pacific.
“Our region is uniquely positioned to drive the future of payments, given the advancements we have made in EMV chip technology, high rates of smartphone ownership and many of our financial institutions and merchants already leading the delivery of new customer banking and shopping experiences on the world stage.”
“The Visa Developer platform will provide a new front door to Visa, enabling our financial institutions, merchants and developers to work individually or together and co-innovate using a range of digital payment capabilities we are making available,” said Kerr.