Visa (NYSE: V) announced a new platform, Visa Acceptance Cloud (VAC), set to revolutionize the way businesses accept payments from their customers. Following the success of the company’s popular “Tap to Phone” solution, VAC will let acquirers, payment service providers, point of sale (POS) manufacturers, and Internet of Things (IoT) players move payment processing software from being embedded in each hardware device to being universally accessible in the cloud.
Already live across six geographies, VAC will help innovators transform almost any device into a cloud-connected payment terminal, while providing seamless, cloud-based software updates, robust analytics, and network services from Visa. Since VAC runs on Visa’s data centers, it also offers leading data security capabilities.
“Cloud acceptance is the future of payments, Cloud-connected POS lets sellers accept payments across a range of devices quickly, simply, and safely, whether at an unattended kiosk in a hotel, a mirror in a high-end retail store or virtual in-home gym, or a smart phone in the hands of a small seller with a roadside newsstand.”
- Mary Kay Bowman, senior vice president and global head of payment and platform products, Visa.
Expanding beyond phones, Visa Acceptance Cloud enables any POS or connected device to seamlessly accept payments and to incorporate a range of added services, including buy now, pay later, fraud management, Rapid Seller Onboarding, and advanced data analytics. The ongoing pilots in North America, South America, Europe, Africa, Asia and Australia cater to a variety of use cases, including retailers and restaurants in Australia through Visa’s work with U.S.-based fintech, Bleu, NOBAL Technologies’ smart mirror and public trains in Brazil.
“Bleu is working with Visa to bring seamless payments to businesses across Australia for the very first time, While the average business owner can spend as much as $1,000 on POS devices, plus countless hours and more money on time consuming certification processes, moving to Visa Acceptance Cloud removes the barriers of traditional hardware and burdens of device-bound kernel certifications, making it easier for the independent business that we serve to deliver touchless payment options to their customers through any connected device.”
- Sesie Bonsi, President & CEO, Bleu.
Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.