On November 3, 2020 Visa in partnership with DigitSecure and HDFC Bank deployed the world’s 1st live PCI certified Tap to Phone card acceptance solution.
Objective– To accept safe contactless card payments in seconds through an app on their Near-Field Communication(NFC)-enabled Android smartphones, without the need of any dedicated card acceptance machines.
- The first merchant to go live with HDFC Bank as the acquirer is DeliveryPlus.
- In line with the ‘Made in India’ objective of local innovation, DigitSecure is the first Asia Pacific-based company to acquire PCI security certification to implement Tap to Phone technology.
i.This deployment has enabled India to join a list of over 15 markets that provides Visa Tap to Phone technology for merchants to accept contactless card payments.
ii.This deployment is in line with the global commitment of Visa to digitize 50 million small businesses.
About Tap to Phone technology:
i.The Tap to Phone technology will tremendously lower the operating costs for financial institutions, by shifting the merchant onboarding, account provisioning and authentication to the PCI accredited payment acceptance cloud.
ii.This will assist banks and fintechs to enable more merchants for card acceptance.
With the PCI Certified App of DigitSecure, a first SoftPos(Point of Sale) platform with ready global processing integrations the Financial institutions will allow the small enterprises to accept cards at minimised cost and in less time
Study of Visa: Around 55% consumers will likely use Tap to Phone payment
According to a recent study of Visa, around 55% consumers who were surveyed in India during the pandemic mentioned that they will likely use the Tap to Phone payment method because of its ease of use, saving time consumption and eliminating the need to carry cash.
i.In order to empower small businesses and enterprise merchants, Visa and DigitSecure have also entered into a strategic partnership.
ii.To provide a single connection for omni-channel commerce solutions across segments, use cases, channels and payment modes, DigitSecure has integrated their Tap to Phone solution with the Cybersource platform of Visa.
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Headquarters– California, United States
Chairman and CEO– Alfred F. Kelly, Jr.
About HDFC Bank:
Headquarters – Mumbai, Maharashtra
Incorporated– August 1994
Tagline– We understand your world
Managing Director(MD) and Chief Executive Officer(CEO)– Sashidhar Jagdishan(Suceeds Aditya Puri)