Visa has developed Visa Digital Solutions, a comprehensive suite of offerings that facilitate secure payments across an array of Internet-connected devices and wearables.
The creation of new secure payment technology is part of Visa’s move to tap the fast growing mobile payment market in the US and across the globe. It is estimated that nearly 66% e-commerce sales will come from tablets, while the remainder will occur on mobile phones.
Visa senior vice president Sam Shrauger said: "Visa Digital Solutions provides the standards, tools and services to turn any Internet-connected device into a secure vehicle for commerce."
"Smartphone manufacturers can securely load a Visa account within a device, merchants can directly embed Visa payment functionality into their mobile apps and financial institutions can offer mobile and online payments as part of their mobile banking applications."
Visa Digital Solutions will support new payment methods such as Wave-to-pay, Scan-to-pay and Click-to-pay, allowing retailers, financial institutions and developers to create new ways to pay via smartphones.
In addition, it will offer technology that will protect consumers and support industry innovation. Visa said that the company will launch a new tokenization service that will strengthen payment security while facilitating industry innovation.
Currently, various types of offerings within the Visa Digital Solutions suite are available, with the full range of capabilities expected to be commercially available in the US by January 2015. Global rollouts will happen throughout the year.