Enterprise Innovation — China UnionPay (CUP) andVisa have signed a Memorandum of Understanding (MOU) in Shanghai with both parties agreeing to collaborate on payments security, innovation and financial inclusion. The MOU was signed between Shi Wenchao, President of CUP, and Charlie Scharf, Chief Executive Officer of Visa Inc.
Enterprise Innovation — ChinaDailyNews cites market research firm Packaged Facts as estimating the global payment card market to have reached at US$17.26 trillion in purchase value in 2014. The same article claims China UnionPay (CUP) accounted for 24.3% or US$5.92 trillion in the same period.
Enterprise Innovation — Visa has officially launched its card-on-file solution in Singapore, a payment service targeted at simplifying the online shopping experience. The service, named Visa Checkout, aims to enable consumers in Singapore to pay for goods online without having to go through the hassle of manually entering their credit card details.
Telecom Asia — WeChat has launched its payment service WeChat Pay in Hong Kong, including the new Wallet in-app payment feature. Wallet allows WeChat users to connect their MasterCard or Visa credit cards with their accounts to allow them to pay for products and services without having to exit the WeChat app.
Enterprise Innovation — Visa launched on Monday the first Visa Token Service in Asia-Pacific with the United Overseas Bank (UOB) as the first bank implement the service. The service is a new security technology that replaces sensitive payment account information found on payment cards, such as the 16-digit account number, expiration date and security code, with a unique digital identifier or “tokens” that can be used to process payments without exposing actual account details.
Enterprise Innovation — Visa cardholders in Hong Kong can now use Visa’s Checkout service to pay for online purchases via their mobile devices. First launched in July 2014 in the US, Canada and Australia, Visa Checkout allows users to make quick online payments on any device by storing billing and shipping data. Visa Checkout is a streamlined checkout service that aims to be intuitive to use and save shoppers time.
Times of India — MUMBAI: Visa, one of the largest payment companies in the world, has junked its mobile payment venture in India after leading telecom companies refused to share their network. The company Movida India, the joint venture that Visa had formed five years ago in partnership with Monitise Plc UK, has shut shop and Naushad Contractor, head of the 50:50 JV, has quit, three persons aware of the development told ET.
India is racing on the ecommerce track. But there are many speed-breakers, and the biggest of them is payments. Complex regulations around credit card and mobile payments, clunky payment gateways, and language barriers are tying up many internet companies, including international players like Uber to homegrown superstars like Flipkart. Global leader in payments Visa Inc wants to do something about it.
SINGAPORE: Payments service provider Visa announced on Wednesday (Oct 1) its plans to create approximately 185 technology research and development (R&D) jobs in Singapore. In many cases, the new contract positions will be converted to permanent roles, said Visa in its press release, adding this would help maintain the company’s momentum around new IT initiatives underway at the company.
Global Card Payments Company Visa, Inc. plans to establish a new technology development base in India by next year. With the new center, Visa plans to create 2,000 new full-time jobs around the world, while taking advantage of India’s software engineering talent. “Visa Inc will open a new technology center in India in 2015 and strengthen its technology resources by creating 2,000 full-time technologist positions around the world,” Visa said.