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Visa to help banks break into mobile payments

Visa has introduced the Visa Digital Commerce App, an issuer-branded mobile commerce product that enables financial institutions to offer their own mobile app to customers. Card management features in the app can help an FI to expand and strengthen its Visa credit, debit and prepaid card offerings, according to a company press release.

Through the mobile app, issuers can offer services such as real-time account balance information, card controls, alerts that inform accountholders about recent transactions or fraud concerns, and token services that are intended to bring greater security to contactless payments on NFC-enabled Android smartphones. Visa said that as a hosted service, the app is intended to simplify the delivery of a broad array of card management features and provide a roadmap for issuers to rapidly deploy new features and enhancements.

"The Visa Digital Commerce App brings together a comprehensive set of services to empower financial institution clients of all sizes to quickly offer their own digital payment experience to cardholders, while keeping their brand and relationship with the cardholder front and center," said Oliver Jenkyn, group executive for North America at Visa Inc. "We are getting great feedback from clients who are implementing the app and [we] are excited to make it available to more financial institutions nationwide."

Today more than 40 U.S. financial institutions are implementing the Visa Digital Commerce App, including A+ Federal Credit Union, Affinity Federal Credit Union, Capital Prepaid Services, EPS Financial LLC, First Financial Bank N.A., GESA Credit Union, ITA Group, KCT Credit Union, Kern Schools FCU, Landings Credit Union, Members 1st Federal Credit Union, Member Access Pacific, Old National Bank, Our Community Credit Union, PNC Bank, Publix Employees Federal Credit Union, Utah Community Federal Credit Union, Webster Bank, and others, according to the announcement.

In addition to making the Visa Digital Commerce App directly available to financial institutions, Visa is offering the app to its processor and go-to-market channel partners for their financial institution customers.