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Visa is planning to allow Indian consumers to pay online without giving out card details to merchants, through Visa Checkout.
Visa Checkout is currently available in 16 countries.
Rajat Taneja, Executive Vice-President (Technology) for Visa, said, “We are bullish on India and plan to launch Visa Checkout early next year.”
Function Usually, as a customer enters card details online, they get stored on the merchant’s server, making it vulnerable to hackers. Visa Checkout claims it will ensure the actual card number is never shared with merchants and stays with Visa and the bank.
In an earnings call last month, CEO Charlie Scharf told investors, “We have over 270 financial institution partners globally… over 160,000 merchants who are currently live globally, with over $50 billion in total addressable volume.”
He added, “To date, we have over five million registered users…New markets include China, Hong Kong, New Zealand, Singapore, Brazil, Colombia, the UAE and South Africa, to name a few.”
Visa Checkout allows linking of multiple cards, including those of rivals MasterCard and American Express. Interestingly, competitors have also rolled out similar payment platforms – MasterPass and Amex Express Checkout.
They are also looking at biometric and token-based payments, which require customers to enter one device or transaction-specific password. “A token is device- and user-specific. It gets bound with one device and if it gets intercepted, it becomes useless…We have invested in the security feature to a large extent... We are also enabling more EMV chip-based cards…encryption and biometrics are the other ways by which we want to protect consumers,” Taneja added.
On the biometric facility available on ApplePay, he said no one can access the user’s ApplePay or Visa Checkout without the user’s biometrics. Instead of cancelling the card, banks need cancel only the token which has been issued.
“We are working with Google, which has announced Android-Pay, and also working with Samsung…So, you will see similar capabilities coming into the market,” Taneja added.
Visa will also roll out its new mobile payment service ‘mVisa’ in India from September through smartphones and tablets on a pilot basis, along with 20,000 merchants and four banks – State Bank of India, ICICI Bank, HDFC Bank and Axis Bank – starting from Bengaluru.
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