Visa has launched the Visa Digital Enablement Program (VDEP), a new service that builds on the company’s token technology and adds a “turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and technology partners around the world”.
Google is the first of Visa’s international partners to take part in the program, for its new Android Pay platform, the payments network says.
Put in place to simplify how partners access Visa’s secure token technology, the service is designed to enable:
- Fast and easy integration: Financial institutions and technology companies will be able to connect to one another with no contractual agreements or technology integrations;
- No-cost commercial framework: Financial institutions, merchants and technology companies will be able to drive growth through a “simple, scalable commercial construct” with no pass-through fees;
- Robust security and consumer data protection: VDEP brings together a “powerful combination of secure token technology, risk and fraud management services and customer data protections.”
- International scale and reach: By making the service available to all of Visa’s global financial institution clients, banks and technology platforms will be able to deliver mobile and digital payment services on a “truly international scale.”
“With so many people using Android devices and a passionate developer community, we couldn’t be more excited to have Google as a partner in our program launch,” says Jim McCarthy, executive vice president of innovation and strategic partnerships at Visa.
“Through our new program, financial institutions can take advantage of our secure token technology to deliver the most popular mobile and digital payment services on the market today to their customers.”