A Thing
The Green SheetGreen Sheet

Friday, March 13, 2015

Visa Checkout used by 3 billion, plans worldwide expansion

Visa Checkout, a Visa Inc. payment scheme designed for speed and security, was introduced in July 2014 and has gained a steady following in the United States, Canada and Australia as consumers select the one-touch payment method on computers, tablets and mobile phones, according to Visa. The company reported that over 3 billion consumers have used Visa Checkout thus far; of those, 40 percent were new users, and 75 percent were active and repeat users.

Four-part formula

Visa addressed four key areas when devising Visa Checkout: security, speed, simplicity and community, which the company detailed as follows:

  1. Security: Multilayered security architecture uses built-in fraud monitoring systems and encrypted SHA256 hash algorithm tokenization to protect cardholder data.

  2. Speed: Visa stated the payment scheme affords consumers "(i) the ability to store account and other related information such as billing and shipping addresses ('Card Details') for your Visa credit, debit and prepaid cards and other cards or payment methods that Visa has decided are eligible to be used with the Visa Checkout Services ('Eligible Cards') to create a Visa Checkout account ('Account'); and (ii) the ability to use the Visa Checkout Service as a method of checkout at merchants that display the Visa Checkout mark." Once the card credentials have been established, users can press a button to complete online payments.

  3. Simplicity: Visa Checkout simplified user interface is optimized for consumers and software developers. New accounts take minutes to set up. Consumers are prompted to create a username and password, enter payment and shipping information, and receive a credential for their payment card product of choice. After the one-time account set-up, they can use the one-step process wherever Visa checkout buttons are found.

    A developer toolkit with a "sandbox environment that mirrors Visa Inc.'s production environment" facilitates seamless integration of Visa Checkout into an array of mobile and ecommerce payments environments.

  4. Community: Visa Inc. promotes a culture of innovation within its growing community of value-added resellers while actively soliciting new partnerships with issuers, merchants and acquirers.

Issuers, retailers promote Visa checkout

Visa reported that Bank of America Corp., touting the "express line online," is offering a Visa prepaid card to its customers with all new Visa Checkout enrollments through March 31, 2015. PNC Bank described the solution as a "digital payment service that can make checking out online with your PNC cards as fun and easy as online shopping."

In addition, the card brand noted that shoppers can find Visa Checkout in every retail category, including apparel, electronics, entertainment, specialty and travel brands. Nieman Marcus, Sport Chalet, Gymboree, Ticketmaster, Staples, Pizza Hut and Orbitz are a few of the leading brands that process Visa Checkout transactions. Virgin America is offering a discount through March 15 for fares purchased with Visa Checkout. Similar offers are expected to increase consumer adoption.

New market penetrations planned

Sam Shrauger, Senior Vice President of Digital Solutions at Visa, said he was encouraged by public receptivity to Visa Checkout in the United States., Canada, and Australia. He noted that consumers and merchants alike appreciate its simplicity and ease, which is "particularly important as people shop and buy more frequently on smaller devices like phones and tablets."

The additional 13 markets the company expects to reach in 2015 are Argentina, Brazil, Chile, China, Colombia, Hong Kong, Peru, Malaysia, Mexico, New Zealand, Singapore, South Africa, and the United Arab Emirates. end of article

Editor's Note:

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

Facebook
Twitter
LinkedIn
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
A Thing