By leveraging Visa’s resources, acquirers can decide to build and certify a Tap to Phone solution by themselves or partner with an already approved third-party provider making it easier than ever to empower millions of additional sellers.
Visa’s requirements and guidance aim to introduce this new technology to the ecosystem and help it grow while maintaining focus on the security and usability of the solutions.
Sellers are able to turn their mobile devices into contactless POS terminals to begin accepting card payments by simply downloading an application. Accordingly, sellers can reduce the use of cash, allowing for easier accounting, increased access to customers (consumers today are carrying less cash), and increased ticket sizes as a result of a more convenient customer experience. Additionally, Tap to Phone payments are reliable and secure, so sellers can be confident in knowing that their solutions face little to no risk.
All in all, the Tap to Phone program relieves the traditional pain points involved in accepting card payments such as the need to purchase and install costly physical POS terminals or waiting to get on-boarded onto a payment system as well as finding an acquiring bank.
Fewer consumers today are carrying cash. Cash is more vulnerable to loss, theft, and it is more difficult for referencing past transactions than card payments. Additionally, unlike most cards, cash lacks the commonly available rewards programs that many cards have. Accordingly, Tap to Phone solutions can provide consumers with increased abilities to pay small merchants by expanding acceptance among small sellers so that goods and services can be paid for in a quick, convenient, and secure manner.
Solution providers benefit from Visa’s Tap to Phone program by having the ability to access Visa’s requirements and specifications to build an approved Tap to Phone solution. Visa will also guide solution providers through the solution certification process. Once approved, solution providers will be able to partner with Visa clients to go to market and make their solutions available to sellers across the globe.