Visa Inc. announced that it has signed agreements with three leading mobile point-of-sale (mPOS) providers to enable merchants of all sizes to accept Visa payments using mobile technology.
iZettle, SumUp and SCCP Group’s Swiff, will participate in the Visa Ready Program to have their mobile acceptance hardware and software tested and approved for use with Visa payments. Additionally, Visa announced that it has approved two new mPOS devices by AnywhereCommerce and Miura Systems to accept Visa payments.
“The Visa Ready Program is designed to provide innovators with an easy way to collaborate with Visa and gives merchants and consumers the peace-of-mind they need when transacting with a mobile phone,” says Jim McCarthy, global head of innovation & strategic partnerships, Visa Inc. “Mobile acceptance technology is precisely the kind of innovation we need to bring the benefits of electronic payments to more merchants, financial institutions and consumers around the globe.”
The growing popularity of mPOS acceptance solutions, especially among micro and small merchants, is helping to drive the migration from cash to electronic payments. From 2011 to 2012, the number of mPOS terminals in operation worldwide increased 111%, from 4.5 million to 9.5 million, and it is expected to reach 38 million in 2017.
According to a recent Javelin Strategy and Research report, in the United States alone, 70% of the total number of merchants – approximately 19 million – currently do not accept electronic payments and could benefit from mPOS solutions. When the spending at these merchants is added together, it represents an opportunity to migrate more than $1.1 trillion yearly from paper to electronic payments4.
“Mobile POS opens up the market to all merchant tiers, from the largest big box retailers to the smallest micro-merchants, which never would have dreamed of accepting card payments in the past,” continues Mary Monahan, EVP and research director, Mobile, Javelin Strategy & Research. “Our research shows the attraction of mobile POS also extends to the other side of the counter: the majority of consumers view mobile checkout as very or extremely convenient.”
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