San Francisco, Feb. 5, 2016: Credit card major and a biggie in Online payment sector Visa has opened up its technology platform to outside developers, the first time that this kind of move was being made by the global payments giant.
Analysts said the move would help Visa win transactions by devices connected to the Internet of Things. The launch of Visa Developer on Thursday in San Francisco, United States of America, was also set to accelerate payments innovation in banks, by providing them with deeper access to a broader range of Visa’s application programming interfaces (APIs) which would make it cheaper and faster to build software and applications.
Writing on the official blog, Mark Jamison, Senior Vice President, Global New Product, said when Visa opened up “the power of VisaNet”, it meant that developers could now get instant access to its ecosystem of partners. No other company in this space had yet to deliver the customer density, global reach and scale that will be available through Visa’s open platform.
“Our global product development team works with over 14,000 financial institutions around the world. While there are vast differences by market, the one thing all of our clients want is easy access to the latest digital capabilities to help them compete and deliver new commerce experiences to consumers who are increasingly relying on mobile device to shop and pay. From Visa’s industry-leading push payments service, “Visa Direct”, to the Visa Token Service, which enables banks to issue digital tokens that can be used for purchases online and with mobile devices, and Visa Checkout, Visa’s new Developer Platform offers a full catalogue of REST APIs on a fully functional developer portal including sample code, documentation, and a sandbox testing environment.”
Visa Developer was not a test or labs initiative like others in the space. Instead, it was launching as a key pillar of Visa’s go-to-market strategy and was designed to transform how Visa enabled developers to deliver distinctive value to customers.
Image Credit: Visa