Following the launch of mobile payments at scale during 2015, Visa Europe is looking beyond mobile, to enable payments across a variety of connected devices, whether they are today’s smartphones and tablets, wearablesor the devices of tomorrow as part of the Internet of Things.
This year’s Mobile World Congress event in Barcelona was the ideal time and place to tell the Visa enablement story to the 101,000 senior stakeholders in the tech and mobile and industry and the media in attendance.
Visa Europe’s Payment Tokenisation Service (VEPTS) is helping partners create new commercial opportunities in exciting new connected devices and products. Launched last year to support Apple Pay, VEPTS has now been expanded to support new digital solutions such as cloud-based payment products and, eventually, digital wallet and card-on-file products, which will further enhance the security of payments and simplify the consumer commerce experience in the digital world.
At MWC, what was most apparent was the ease with which Visa is able to co-create with partners, helping them better serve their customers by supporting the various ways people want to pay. It was great to demonstrate our capabilities with peers who have a similar enthusiasm for this next and new wave of payments. We have already delivered world class products to consumers, not only via banks, but with high street retailer, Topshop, one of the UK’s leading brands, with whom we produced a series of wearables, which are now on sale.
And it’s not only retailers; banks from all across the world showed great interest in wearables and the Cloud-based payment app with Barclaycard; it was clear that we were stretching horizons, with so many senior banking executives asking how wearables could work for them.
In fact the number of companies from various sectors that showed interest in wearables was staggering, it was terrific to be able to share Visa’s approach to collaboration and APIs. We met with manufacturers of: watches, fitness devices, antennas; we also met government bodies, as well as major financial institutions, to name only a few.
The MWC is an amazing global opportunity to showcase our ability to really create change, if we put our minds to it and work with other interested partners. I’m looking forward to our next project, and next year I hope to have another product ready to further demonstrate our capabilities and the limitless opportunities that enabled payments can offer.
Visa continues to be very well positioned in the mobile and innovation space; it’s part of our programming to create excitement about the work we’re doing with the Internet of Things, wearables and mobile payments and it was great to witness this first hand with almost 100,000 of our peers in Barcelona.