Visa has unveiled a new cloud-based payment platform, which aims to revolutionize the industry by turning almost any device into a cloud-connected payment terminal.

Called the Visa Acceptance Cloud (VAC), the platform will enable acquirers, payment service providers, point-of-sale (POS) manufacturers and Internet of Things (IoT) players to take the software from payment processing from being integrated into every hardware device to universal access in the cloud.

“Cloud acceptance is the future of payments,” said Mary Kay Bowman, senior vice president and global head of payment and platform products, Visa. “The cloud-connected point of sale enables sellers to accept payments across a range of devices quickly, simply and securely, whether in an unattended kiosk in a hotel, a mirror in a high-end retail store range or virtual home gym, or smart phone in the hands of a small vendor with a roadside newsstand.

Already present in six geographies, VAC not only turns virtually any device into a cloud-connected payment terminal, but it will also provide seamless cloud-based software updates, robust analytics and network services from Visa. . Since VAC runs on Visa’s data centers, it also offers state-of-the-art data security capabilities.

“VAC is a universal platform that helps open up acceptance for all – enabling our key technology partners to innovate. At one end of the spectrum, cloud acceptance is helping to drive the inclusion of more small sellers who want to offer digital payments. On the other hand, Visa Acceptance Cloud enables advanced shopping and shopping experiences that will be central to the future of retail for businesses of all shapes and sizes,” said Bowman. “The move from acceptance to the cloud opens up the possibility of such innovation from across the payments ecosystem. This is just the beginning.”

Changing the Payments Landscape

The new VAC platform follows Visa’s successful “Tap to Phone” solution – another industry first – which turns current-generation Android smartphones and tablets into contactless point-of-sale terminals.

Introduced in January 2020, it’s Visa’s first offering that allows sellers to accept payments on devices they already own, simply by downloading an app. As of December 2021, over 300,000 devices in 54 countries are using Tap to Phone.

Now extending beyond phones, VAC enables any point of sale or connected device to seamlessly accept payments and integrate a range of additional services including buy now, pay later, fraud, fast seller onboarding, and advanced data analytics.

Ongoing pilot projects are testing VAC’s viability in the real world

According to Visa, ongoing VAC pilots in North America, South America, Europe, Africa, Asia and Australia are addressing a variety of use cases, including retailers and restaurants in Australia through at Visa’s work with US fintech Blue, NOBAL Technologies’ smart mirror and public trains in Brazil.

“Bleu is working with Visa to bring seamless payments to businesses across Australia for the first time ever,” said Sesie Bonsi, President and CEO of Bleu. “While the average business owner can spend up to $1,000 on point-of-sale devices, as well as countless hours and more money on time-consuming certification processes, switching to Visa Acceptance Cloud removes the barriers of traditional hardware and the burdens of device-related core certifications, making it easier for the independent business we serve to offer contactless payment options to their customers via any connected device .

“Retailers are looking to improve their in-store customer experience to meet the speed and convenience of online and in-store checkout experiences,” said Bill Roberts, CEO of NOBAL Technologies. “NOBAL’s Smart Mirror in partnership with Visa’s VAC delivers payment experiences on our mirror without the expense and expertise required for embedded hardware modules, helping us push the future of retail in new ways. “