Visa Launches Platform, Allowing Issuer Processors to Test Products

May 22, 2019

Visa’s new platform, known as Visa Next, allow issuers and issuer processors to build and test new products.

Visa’s clients and partners can gain access to the recently-launched platform through Visa Next. This is Visa’s website that is promoted as a “new destination” for learning about and using new solutions in the payment player’s ongoing pipeline.

The platform has beta application programming interfaces (APIs) that will help those within the Visa ecosystem create digital cards on demand and add digital services. Activating and tokenizing other digital accounts across various mobile payment wallets can occur via the company’s digital accounts.

The goal of the platform is to embrace the digital-first mindset by providing new ways to manage money and pay electronically and on demand. Most importantly, the platform gives providers opportunities to create end-user experiences that their consumers will appreciate most.

Benefits of the New Platform

The platform provides a way for all players to use fintech capabilities without needing a lot of new technology or being very tech savvy. Its integration layers allow banks and others in the payment industry with a way to separate themselves among their competitors.

It also is effortless to use and implement because users simply plug it in and offer services, such as configuration to device provisioning or card issuance. It’s even more secure because personal data doesn’t have to stay in their systems. Instead, it creates and gives out tokenized payment information in real time.

The Platform Also Can Eliminate Cross Border Wallet Limitations and Cash Use

New use cases can develop as consumers manage a host of financial activities thanks to the functionalities embedded in the APIs. For example, parents could create a Visa card link to an existing account on a smartphone and send it to their college student’s account, giving the person a limited amount of money to spend, as well as restrict where the account can be used. It eliminates the need to provide cash and also prevents a student from running up a parent’s credit card.

The platform also may be embraced by people who travel internationally. For example, many people in Asia have smartphones and rely heavily on mobile wallets. However, the wallets only allow them to pay for things within the country where they live and the app is based.

With this platform, users can transfer wallet balances onto a digital Visa card. With the digital card, they could digitally pay for goods and services across 200 countries and territories and at whatever stores accept Visa.

In the future, Visa plans to offers other beta APIs that focus on incentives, rewards, loyalty, and new transaction controls.

In Conclusion

Visa’s platform offers another way to drive up the use of mobile wallets and cashless payments. When consumers can see the benefits of using these platforms, more will seek them out and use them. Find the next new thing is the only way that credit card companies, more traditional financial institutions, and issuer processors will continue to stay relevant in a world that, in many ways, is embracing financial technology companies and their capabilities.

Apply for Merchant Account Services

Merchants that need credit card processing or want to apply for a merchant account should reach out to (EMB). It specializes in high-risk credit card processing. Applying online is simple and easy.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

Live Chat