Visa cloud platform as an innovative tool for contactless payment
There is a new Visa cloud platform that allows using any device as a POS terminal. The service, called Visa Acceptance Cloud, opens up great prospects for market participants. It will be especially useful for acquirers and companies that provide payment services.
The cloud platform is also designed for manufacturers of points of sale and IoT-based devices. With the help of the solution, they will be able to transfer built-in transaction processing software to the cloud.
When a POS terminal is connected to the cloud, the merchant is able to accept payments coming from different devices without delay. In addition, this option of interaction is safe and reliable, regardless of what gadget is used for payment: smartphone, smartwatch, or keychain. With Visa’s platform, a huge number of devices can be connected, turning them into an effective means of payment.
Software updates are automatic. In addition, Visa provides analytics and other useful network services in addition to the platform. The developer’s state-of-the-art cybersecurity system is responsible for the security of information and protection against theft.
The authors of the platform are confident that their solution will allow businesses to simplify financial transactions. In addition, Visa Acceptance Cloud has a flexible infrastructure, so users have all the conditions for experimentation.
VAC is now available in 6 regions, with pilot projects underway in North and South America, Australia, Africa, European and Asian countries. However, some features of the platform are available in different states. For example, in Australia, it is used in retail outlets and catering establishments. In Brazil, the platform is available for smart mirrors and for paying for public rail transport. Visa is working with fintech companies Bleu and Nobal Technologies to provide these services.
Last year, Visa acquired Currencycloud, a platform that offers convenient solutions for international payments. The acquisition provides the company with innovative APIs that provide convenient tools for currency transactions and virtual account management. This will allow Visa to expand its range of services and accelerate digitalization processes. It should be noted that the company is a leader in the sphere of electronic payments, with its network worldwide serving more than 65 thousand transactions every second. Visa pays considerable attention to innovative cloud solutions, which will further move away from traditional payments in the direction of cashless payments. To this end, the decision was made to purchase Currencycloud, whose services serve more than 500 banks and technology companies in 180 countries and are stable and flexible.