Visa (NYSE: $V) Expands Global Network of Providers to Drive Acceleration Into IoT Payments
NXT-ID Inc (NASDAQ: $NXTD) Subsidiary FitPay Announced as one of newest Visa Partners
June 7, 2017 (Investorideas.com Newswire) Today, Visa (NYSE:V) announced it has signed 13 new partners to participate in its token service provider (TSP) program, as the payments industry shifts from plastic to digital and broader access to new standards, such as tokenization, are needed. With demand expected to increase for payments to be embedded into a growing number of devices, services and experiences, Visa has built out a global network of partners to offer secure, digital payment token services and ensure that regardless of form factor, an Internet-of-Things (IoT) device, appliance, wearable or beyond, can become a more secure place for commerce.
The newest Visa partners share a desire to advance digital and device-based payments, and represent all major regions of the globe:
- Global: FitPay, Infosys, Rambus
- Asia Pacific/India: Mahindra Comviva, PayCraft
- Central Europe, Middle East & Africa: Digiseq, FOO, Pri-Num, Seglan
- Latin America & the Caribbean: HST, Prosa, VeriTran, YellowPepper
"A potential tidal wave of new payment accounts is approaching - conservative estimates expect 21 billion Internet-connected devices in just three more years,* so having both the partner network and the right technology in place are fundamental to driving payments on those devices," said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc. "We are proud to welcome so many great new partners to the token service provider program, to help us extend tokenization to new devices and form factors and give consumers more payment experiences that they love."
Visa first announced its token service provider program in October 2016 with initial partners Giesecke+Devrient (G+D), Gemalto and Inside Secure. Since then, G+D, FitPay, Infosys, Inside Secure, and Pri-Num, have been Visa Ready-qualified and begun integrations of Visa technology with partners. The Visa Ready Program provides structure and clarity to allow partners to quickly introduce devices, software, and solutions that can initiate or accept Visa payments.
"Commerce is quickly spreading from computers, smartphones and tablets to connected endpoints of all shapes and sizes," said Jordan McKee, principal analyst, 451 Research. "Consumers now expect to be able to purchase goods and services at any given time or place on the device of their choosing. What's more, they expect the experience to be not only secure, but easy-to-use. To meet these elevated demands, commerce stakeholders must collaborate on approaches such as tokenization to ensure security and usability are maintained at scale."
Visa's token service provider program gives technology companies a standards-based approach and access to Visa's broad network of tools and services, including the Visa Token Service, as well as integration, development and marketing support. The program also helps expand the market for tokenization to other companies as they develop new and secure digital payment services and promotes consistency envisioned in the EMVCo token standards.
Tokenization is a payment security technology that replaces cardholder information, such as account numbers and expiration dates, with a unique digital identifier (a "token") that can be used for payment without exposing a cardholder's more sensitive account information.
Any organization interested in working with Visa's global network of token service providers to become a token service requestor can contact Visa directly at Tokenrequester@visa.com.
** Gartner, IoT report, February 2017, http://www.gartner.com/newsroom/id/3598917
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.
About Fit Pay, Inc.
A wholly owned subsidiary of Nxt-ID, Inc, Fit Pay, Inc. is led by former CyberSource and Visa executives with more than 50 years of payment and identity authentication domain expertise. With payment capabilities enabled by Fit Pay, wearable and IoT device manufacturers can create customer loyalty, tap into recurring revenue streams, open new markets, and differentiate their products in an increasingly competitive market. Learn more at www.fit-pay.com, or on Twitter.
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc. (NASDAQ: NXTD) is a security technology Company providing security for finance, assets, and healthcare. The Company's innovative MobileBio® solution mitigates risks associated with mobile computing, m-commerce, and smart OS-enabled devices. With extensive experience in biometric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, the Company partners with industry leading companies to provide solutions for modern payment and the Internet of Things ("IoT") applications. The Company's wholly owned subsidiary, LogicMark, LLC, manufactures and distributes non-monitored and monitored personal emergency response systems ("PERS") sold through the United States Department of Veterans Affairs ("VA"), healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors. http://www.nxt-id.com http://www.logicmark.com
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