SAN FRANCISCO — Visa has announced new smartphone-based payment capabilities aimed at helping small businesses manage payments, accept card transactions and send real-time payouts, with a particular focus on businesses in emerging markets.
According to Visa, the enhancements expand the capabilities of its Visa Pay, Visa Accept and Visa Direct platforms and are intended to make digital payment tools more accessible through smartphones.
“Financial institutions, wallet providers and platform partners play a critical role in helping small businesses participate in the digital economy,” Rubail Birwadker, Visa’s senior vice president and head of growth products and partnerships, said in a statement. “With Visa Pay, Visa Accept and Visa Direct, we’re helping partners expand acceptance, speed up payouts and deliver trusted payment experiences for their business customers all through their smartphone.”
The Findings
According to Visa, research conducted by the company found:
- Ninety-nine percent of small- and medium-sized businesses use at least one digital financial tool.
- Eighty-five percent said digital finance tools have benefited their business.
- About half of the world’s 1.3 billion unbanked adults use smartphones, creating what Visa described as a significant opportunity to expand access to digital financial services.
Visa said its Visa Accept platform allows small businesses to transform a smartphone into a payment terminal, enabling microbusinesses to accept card payments through a Visa debit or prepaid account without requiring additional hardware.
Using Credentials Consumers Already Use
The company said Visa Pay connects digital wallet providers and payment applications to the Visa network, allowing consumers to make payments using payment credentials and digital wallets they already use.
Visa also said it is expanding the use of smartphones through Visa Direct, its real-time money movement platform. According to the company, small business owners can use the service to send payments to employees, contractors or delivery drivers, issue customer refunds and incentives, and transfer funds across borders to eligible cards, bank accounts and digital wallets, often within minutes. Visa said the service is integrated into banking, financial technology and business platforms to provide a consistent mobile payment experience.
