Payment Leader Unveils Applications for Android Powered Mobile Handsets, Readies First U.S. Trial of Mobile Money Transfer
NEW YORK--(BUSINESS WIRE)--Sept. 25, 2008--Visa Inc. (NYSE:V) today hosted an innovation briefing in New York, during which the company showcased advances in electronic payments that are creating a future of "better money" that is more convenient, more reliable and more secure than cash or checks.
The payments industry leader was joined by a number of prominent innovators including Google, Intel, Nokia and Singapore Post Ltd., who are each expanding the benefits of electronic financial services to consumers in new and emerging marketplaces.
The Visa-powered innovations discussed and demonstrated at the briefing recognize several overall trends in the payments industry, including the convergence of electronic payments and mobile phones; the expansion of electronic payments into new acceptance locations including transit and vending machines; and the importance of extending electronic payments to the millions of "unbanked" and "underbanked" consumers around the world.
"For decades Visa has been changing the way people think about and use money with great success, but there is still tremendous opportunity to extend the benefits of electronic payments to consumers and business around the world," said Bill Sheedy, President, North America, Visa Inc. and host of the briefing. "Capturing that opportunity requires innovative products and ideas that deliver measureable benefits to meet the needs of consumers, merchants and financial institutions. Along with our partners, that's what Visa has shown today, and continues to develop every day."
The event was highlighted by four major announcements of innovative advances in electronic payments and services:
Visa also reported that it has completed stress-testing and optimization of VisaNet, its proprietary, centralized processing system, to ensure adequate capacity for the upcoming holiday shopping season. VisaNet stands ready to process 11,000 transaction messages per second, a rate 45 percent above the 7,387 transaction messages per second sustained during Visa's peak processing hour last year on December 22.
In addition, Visa is preparing for its second annual fall upgrade to its processing systems, a massive undertaking that involves the modification of nearly 5 million lines of code that effect 50,000 systems changes in multiple Visa data centers around the globe.
Visa and its partners displayed a number of payment innovations that are creating the future of money. Demonstrations included a variety of transactions using Visa payWave, Visa's next generation contactless chip technology: paying a fare at a transit turnstile, buying products in vending machines, and completing a purchase quickly at point-of-sale terminals. Using the new Nokia 6212 NFC-enabled handset, Visa demonstrated mobile payment services such as mobile offers, alerts and money transfer.
"Because thousands of financial institutions, millions of merchants and hundreds of millions of cardholders in 170 countries rely on Visa every day for secure, reliable and convenient payments, we simply can not afford complacency. We must continually drive ourselves to remain one step ahead of changing and increasing customer demands - that's our innovation imperative," Sheedy said.
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com
Android is a trademark of Google Inc.
Elvira Swanson, 415-932-2564
SOURCE: Visa Inc.