Visa Europe launches new Visa Europe Digital Enablement Programme
Visa Europe launches the new Visa Europe Digital Enablement Programme (VEDEP) – Using the influence of its Visa network to simplify the use of third party mobile wallets.
The new programme will see Visa Europe partnering with Google, Android Pay and several leading UK banks.
VEDEP gives banks and technology companies a turn-key framework fusing Visa’s secure token technology, which was launched last year.
The Visa Europe Payment Tokenisation Service keeps consumers’ card details secure, regardless of how payment is made.
It works by substituting a series of numbers– a token – for the actual account information stopping the card details becoming exposed wherever a token data is stored.
“Banks are faced with many challenges today when it comes to keeping up with the accelerated pace of technology, so we are excited to launch VEDEP to give them a faster, smoother path of entry to third party wallets alongside our secure tokenisation technology,” said Norman Butler, Executive Director Corporate Development for Visa Europe.
“Mobile payments are expected to grow exponentially in the coming years and Android is helping more and more people benefit from the mobile web so we are excited to include them as a launch partner.”
The VEDEP programme is expected to roll out throughout Europe in the coming months.