Visa, recently announced its latest platform, Visa Acceptance Cloud (VAC) that will be revolutionizing the way businesses accept payments from their clients.
Visa has witnessed triumph in the form of their innovative “Tap to Phone” solution, VAC has empowered the acquirers, payment service firms, the point-of-sale system (POS) makers, and Internet of Things (IoT) operators to utilize the payment processing software.
With this technology, one can shift from being built into individual hardware devices to being widely accessible in the cloud.
In January 2020, Visa had unveiled the power of “Tap to Phone” for the first time. This is the unique innovative solution for turning the current generation of Android smartphones and tablets into contactless point-of-sale terminals. Tap to Phone was the initial industry visa service that permits the retailers to simply download the app and accept payments on devices they already own. As of December 2021, Tap to Phone is used by more than 300,000 devices in 54 countries.”
Mary Kay Bowman, Senior Vice President and Global Head of Visa Payments and Platforms Products stated: “Cloud payment acceptance is the future of payments. By connecting POS to the cloud, retailers can quickly, easily, and securely accept payments on a variety of devices. It can be any device, whether it’s an unmanned device, a mirror in a luxury retail store, a virtual home gym, or a smartphone in the hands of a small retailer who runs a newspaper store on the roadside.”
Bowman further states: “VAC is a universal platform that allows everyone to accept payments, and major technology partners are free to innovate. Cloud acceptance is a lot of people who want to offer digital payments. Encourage the participation of small retailers, while the Visa Acceptance Cloud provides an advanced shopping and purchasing experience that will be central to the future of retail for businesses of all shapes and sizes. Moving to the cloud opens up the potential for many innovations across the payments ecosystem. This is just the beginning.”
Bleu’s President and CEO, Sesie Bonsi, said: “Bleu is working with Visa to provide Australian companies with seamless payments for the first time. The average business owner spends as much as $ 1000 on point-of-sale devices and spends a great deal of time on the time-consuming authentication process.”
Sesie further added: “We’re spending money, but moving to the Visa Acceptance Cloud removes the traditional hardware barriers and device-bound kernel authentication burdens, and the independent operators we serve are connected. We can easily provide our customers with a non-contact payment method through any device that has been used.”
Bill Roberts, CEO of NOBAL Technologies, stated: “Retailers want to enhance their in-store customer experience in order to respond to the speed and convenience of the online and in-store checkout experience. NOBAL’s Intelligent Mirror will partner with Visa’s VAC. It provides a payment experience on our mirrors in new ways, without the cost and expertise required for embedded hardware modules.”
VAC is already operative across six territories, and innovators can turn almost any device into a cloud-connected payment device, with seamless cloud-based software updates for visas, stable analytics capabilities, and networks.
One can utilize the services and since VAC operates in Visa Data Center, it also carries advanced data securities prospects.
With Visa Acceptance Cloud, not just mobile phones, you can seamlessly accept payments on any point-of-sale or connected device, incorporating a variety of additional services such as postpaid payments, fraud management, fast retailer registration, and advanced data analysis.
Currently, in pilot operation in North America, South America, Europe, Africa, Asia, and Australia, Australian retailers and restaurants in collaboration with US fintech company Bleu, NOBAL Technologies smart mirrors, Brazilian public transport It correspond to various use cases such as.