On Thursday, Visa announced the launch of a new developer platform in an attempt to take on PayPal.
"Visa Inc. today announced the launch of Visa Developer, a milestone that transforms the world's largest retail payments network to an open platform that will drive innovation in payments and commerce," said the company in a statement on the launch. With this new platform, developers will have open access to Visa's proprietary technology, products, and services. "At launch, the new platform will offer access to some of Visa's most popular payment technologies and services including account holder identification, person-to-person payment capabilities, secure in-store and online payment services," said Visa. Other options available at launch will be currency conversion and consumer transaction reports. Visa plans to roll out more of its payment capabilities over the next year.
Visa Developer has been in beta trials for several months and in development for several years prior to its launch this week. According to Visa's announcement, "leading financial institutions, technology companies, and start-ups" have participated in these trials, helping create "innovative prototype applications using Visa technology." Trial partners for the developer platform include Capital One, CIBC, Emirates NBD, National Australia Bank, RBC, TD Bank, Scotiabank, TSYS, U.S. Bank, and VenueNext. "We are unbundling Visa's full suite of products and services and giving developers open access to the underlying payment capabilities," said Rajat Taneja, Executive Vice President of Technology at Visa. "We believe this will lead to the creation of entirely new commerce experiences with Visa technology integrated to enable greater security, scale and convenience when it comes time to pay. When you add the ability to distribute those new experiences across Visa's global network, you can see why Visa Developer will become the preferred playground for developers everywhere."
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