Visa Tap to Phone Transforms Payment Acceptance for Sellers Worldwide
Now Available in More Than 15 Markets - United States coming soon in 2021; Tap to Phone Enables Businesses to Accept Contactless Payments on Any NFC-enabled Android Device with No Need for Additional Hardware
Opportunity for Tap to Phone by the numbers:
“It was just five years ago when Visa set out to enable virtually any IoT or mobile device to make payments and now today, we are enabling many of those same devices to accept payments in a very simple way with Visa Tap to Phone,” said Mary Kay Bowman, global head of buyer and seller solutions, Visa. “With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. Visa Tap to Phone could be one of the most profound ways to reinvent the physical shopping experience.”
Tapping to pay, or contactless payments, is growing rapidly in the COVID-19 era. Visa has seen tap to pay payments grow by 40% year-over-year4. In a recent Visa survey, nearly half of consumers (48%) said they would not shop at a store that offers only payment methods requiring contact with a cashier or shared machine like a card reader5, making it critical for businesses to expand their acceptance methods beyond cash.
Reinventing In-store Shopping, No Longer Constrained to the POS
According to Visa data6, casual dining, travel resources and grocery are currently the most typical category of use for softPOS solutions. However, Tap to Phone can elevate consumer experiences in additional ways including:
“We always look for ways to improve our customer experience, from personalized service to ease of payment. That’s where Tap to Phone comes in. Customers are always curious and impressed when we process their payment using nothing but our mobile phone. Not only has Tap to Phone been helpful for our in-store sales, but we also use it for our contactless product deliveries, helping customers stay at home and pay with their cards, which makes them gain confidence in our brand,” said Karla Avila, founder of Extenclip in Costa Rica.
Building a Global Partner Network to Accelerate Product Availability
Also announced today, the Visa Ready for Tap to Phone program will help to fast track global product availability and could reduce the functional evaluation for solution providers from almost two months to a few hours. Visa Ready for Tap to Phone now enables technology companies to become Visa Ready certified, giving sellers the peace of mind that the technology solution they choose meets Visa’s high standards for security. Initial participants of Visa Ready for Tap to Phone include Cellfie, Center of Corporate Technologies M4Bank, Digitsecure, GeoPagos, IBA Group, iCARD AD Bulgaria, MYPINPAD, PayCore, Phos, Quest, Rubean, SmartPesa, SoftPos, Soft Space and Techno.
Additional Visa approved technology, acquirer and government partners include Alfa Bank Kazakhstan, BPS Sberbank Belarus, CIMB, First Data, FT Technologies, Halyk Bank, Hong Leong Bank, Kazpost, MagicCube, Maybank, Niubiz, Oschadbank, Paymentsense, PostePay, Priorbank, Promerica, Russian Standard Bank, Sberbank Kazakhstan, Symbiotic and Worldline/SIX Payment Services.
If you are a solution provider or acquirer interested in learning more, please visit the Visa Ready website for more details.
Tap to Phone: How It Works
Sellers download an app, supported by their acquirer, and after registering and selecting their participating bank, the sellers can start accepting contactless payments in just a few minutes. Tap to Phone builds on top of the security of an EMV chip transaction, in which each transaction contains a dynamic cryptogram that cannot be reused. To see more about how Tap to Phone works, a video demonstration is available here.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere.?As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit?About Visa, visa.com/blog and @VisaNews.
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References: Katie Harris-Maines, 'Visa Tap to Phone Transforms Payment Acceptance for Sellers Worldwide', October 21 2020, businesswire