MANILA, Philippines - Visa Inc. has launched a new program to accelerate the introduction of innovative payment solutions aimed at improving global operations.
Dubbed as “Visa Ready Partner Program (VRPP),” the global payments technology firm said this would pave the way for mobile device manufacturers, technology partners, mobile network operators, and others, to easily navigate the complexities of the payments ecosystem, and to gain access to Visa IP, licenses and best practices.
The program is also 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.
Further, Visa said the program also provides a framework for the collaboration with Visa, as well as guidance and best practices to access the power of the Visa network.
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 program, Visa said.
“Mobile devices are reshaping the lives of Filipinos located in urban centers and rural areas – and the introduction of mPOS technology enables a more effective and all-encompassing payment method for Filipino cardholders,” said Iain Jamieson, Visa Country Manager for the Philippines and Guam.
Jamieson said Visa is committed to work closely with local banks to promote the new program.
“We are committed to working with banks to bring mPOS solutions to the Philippines, allowing merchants to accept Visa cards, bringing the security and convenience of electronic payments to their businesses – many which are located outside of main urban areas in the Philippines,” the Visa official said.
The VRPP, he said, comes at a timely response to the changing dynamics of the country’s electronic payments systems.
He noted that more than five million Filipinos are using their mobile devices to accommodate retail purchases and cash transfers, with the market estimated at $10 billion annually.
Mobile penetration in the local market has also passed the 100 percent mark, with the local mobile market having an approximately 90 million mobile subscribers as of 2011.
“Undeniably, mobile phones are gradually transforming the consumer shopping experience, and Filipino cardholders can look forward to making purchases with a wave of their mobile devices in the near future,” he said.
For financial institutions and merchants, he said the VRPP will make it easier for them to adopt new, innovative payment methods that are approved by Visa and can help them drive business growth by expanding the use and acceptance of electronic payments globally.
The program, the Visa official noted, would use existing approval and certification processes from payments industry standards bodies and will rely on labs certified by EMVCo and the Payment Card Industry Security Standards Council (PCI SCC) to conduct testing of new payment solutions.