Today, Visa released our mobile acceptance best practices for merchants, software developers and device manufacturers who are using consumer mobile devices to facilitate the acceptance of card payments. Among other things, our best practices call for encryption of cardholder data at the read head. We believe the guidelines foster a better understanding of merchant and service provider responsibilities related to securing cardholder data when a mobile phone is used as an acceptance device.
We are pleased that Square, the Jack Dorsey start-up that enables small businesses to accept card payments through mobile devices, has expressed its support of Visa’s best practices and its intent to adopt them. Today, Square COO Keith Rabois posted a blog on our Security Summit site saying, “The adoption of best practices will help increase trust in innovative payment solutions. Of course, Square complies with all current industry standards, and we are committed to meeting or exceeding industry guidelines as they evolve.”
And, at the Visa Security Summit that we are hosting in Washington, DC today, Square executive Sam Quigley said in response to a question about their future plans that “Square will be releasing an encrypted reader, it will continue to be free, and it will be available this summer.”
Square’s support of our best practices is an important step toward ensuring greater security for mobile acceptance devices.
Posted by: Ellen Richey, Chief Enterprise Risk Officer on April 27, 2011 at 12:47 pm
Tomorrow, we will host our 2011 Global Security Summit in Washington DC. To watch the live webcast, featuring keynotes from Michael Chertoff, Chairman of The Chertoff Group and former Secretary of the U.S. Department of Homeland Security and Ellen Richey, Chief Enterprise Risk Officer Visa Inc., visit http://www.visasecuritysummit.com/.
Posted by: Paul Cohen, Visa Corporate Relations on April 26, 2011 at 5:22 pm
I recently spoke with Andrea McKenna from PaymentsSource to discuss some of the key findings from our recent Tourism Outlook: Mexico report. A key takeaway from our chat: “People are traveling to Mexico again.”
Posted by: Paul Wilke, Visa Corporate Relations on April 21, 2011 at 1:49 pm
Over the last few years, India has taken giant strides towards accepting electronic payments to cut their costs and give their customers a more secure, convenient and reliable alternative. This momentum has been observed across private and public institutions.
Indian Railways is a good example of a massive state-run entity that is rapidly adopting card payments, particularly online, to reduce the interminable lines at train stations across the country. Today, more than a quarter of a million tickets are sold online every day. It’s a true win-win, since customers save time by not standing in long queues waiting to book tickets and Indian Railways saves rupees every time a ticket is sold through its eCommerce site.
Recently, there was more encouraging news with Information Kerala Mission, the state’s e-governance authority, announcing that citizens of Thiruvananthapuram in the Indian state of Kerala can chose to pay their property taxes online through debit and credit cards. This pilot program will expand to six other cities later this year and is the first phase in the agency’s program enabling electronic payments for professional taxes and other government services. In the words of Sajjad Bhayani, owner of Asiatic Dry Fruits, who we met during our visit: “The new generation, they are all carrying cards. It’s the future.” We couldn’t agree more!
Posted by: Uttam Nayak, Group Country Manager, Visa Inc. on April 14, 2011 at 4:39 pm
Add Congressman Barney Frank to the growing and diverse list of individuals and organizations who are urging Congress to delay implementation of the Durbin price controls on debit. Frank, one of the architects of the recent financial reform legislation, released a statement today noting, “The Federal Reserve’s announcement that they cannot meet the deadline on interchange fees confirms my view that this is the only part of the financial reform bill that needs to be amended. For this reason, I support legislative action to postpone the deadline so that we can revisit it.” Read more here.
Posted by: Paul Cohen, Visa Corporate Relations on April 7, 2011 at 4:08 pm
This post was written by Kurt Schneiber, CEO of Syncada from Visa. The Syncada Network processes invoices, makes payments, and facilitates the financing of payables through a network of financial institutions. Designed to handle all types of invoices and payments, Syncada offers solutions for general accounts payable and accounts receivable, as well as payments for more complex, audit intensive spend categories.
Last week, Citi and Syncada from Visa announced a new partnership designed to extend the effectiveness of Syncada’s network while providing Citi’s commercial clients with an integrated solution for managing accounts payable. This announcement marks an important milestone in delivering on our mission to build an open, global platform that banks can offer to their corporate and government clients, as a more efficient way to pay and be paid.
Posted by: Kurt Schneiber, CEO of Syncada on April 7, 2011 at 2:03 pm
The government’s role in improving financial literacy will be the key question addressed this morning at the 2011 Financial Literacy and Education Summit (join and watch the live Webcast beginning at 9:30am EST).
Co-hosted by the Federal Reserve Bank of Chicago and Visa Inc., this fifth annual Summit will bring together global leaders in financial education to address the critical issue of improving financial literacy for people of all ages while exploring how government and the private sector can work together to equip consumers with the tools needed to make wise financial decisions.
Visa’s Chief Financial Officer Byron Pollitt will open the summit and two distinguished panels will follow. One panel will be moderated by CNBC Anchor Maria Bartiromo and the other by Kiplinger’s Personal Finance Magazine Editor Janet Bodnar.
Panelists include the United States Executive Director of the World Bank Ian H. Solomon, President and Chief Executive Officer of the Federal Reserve Bank of Chicago Charles Evans, United States Treasurer Rosie Rios, and several members of President Obama’s Advisory Council on Financial Capability.
Posted by: Jason Alderman, Visa Corporate Relations on April 4, 2011 at 6:30 am
For those of us who toil in the fields of financial literacy, the long-elusive piece of our otherwise rewarding work has been to demonstrate that our efforts are actually making a difference. Which is why a white paper being pre-released today by Lisa A. Donnini, PhD entitled “Improving Americans’ Financial Literacy: Educational Tools Work” is so important.
Many studies have shown that financial literacy improves the knowledge level of the intended audiences but what they do with that knowledge is another matter all together. We all know we should wear seatbelts and exercise more. Not all of us do. Who would admit to not acting wisely? It’s not that people overtly mislead. In many cases they genuinely believe they’ve made substantive changes with their money management, even if they really haven’t.
Posted by: Jason Alderman, Visa Corporate Relations on April 3, 2011 at 7:35 pm