The launch of Android Pay marks a milestone for Visa Europe as the new Visa Europe Digital Enablement Programme (VEDEP) goes live with our first partner, Google.
This new programme is designed to streamline the integration process for issuers, enabling them to take advantage of new third party wallets and other innovative ways to pay. As new technological innovations come onto the market faster than ever before, it’s important to give banks an easy way to integrate. Visa Europe is helping its member banks adopt new ways for their customers to pay, ensuring that consumers have access to all the choices the rapidly changing payments landscape.
VEDEP is essentially a contractual pass-through between Third Parties (the token requesters) and Issuers to enable digital wallet propositions to go to market flexibly and rapidly. In order to simplify and streamline the engagement with issuers, we’re framing the contractual relationship through a simple amendment to the Visa Europe Operating Regulations. By working through existing OpRegs, we avoid the necessity for bespoke contracts to be drawn up between Visa Europe and card Issuers, governing their participation in the programming and resulting implementations of tokenised payment services. Basically, when Issuers sign on to the VEDEP OpRegs, they will have access to any third party wallet provider such as Google that has also signed on to VEDEP.
And while that may seem a small matter today, as the number of connected devices continues to increase, so does the opportunity for connected commerce. Creating a sound framework such as VEDEP means that banks have the opportunity to decide where they would like to participate and be able to do so without bilateral agreements with each and every company, saving valuable time and resources.
As the pace of change continues to accelerate, Visa Europe will find the best ways to work with banks and third parties, engaging with them to give consumers throughout Europe safe, secure and fast ways to pay.