Visa announces new platform, Visa Acceptance Cloud, stock gains

Visa (NYSE: V) today introduced Visa Acceptance Cloud (VAC), a new platform that will improve “the way businesses accept payments from their customers.” VAC will allow acquirers, payment service providers, point of sale (POS) manufacturers, and Internet of Things (IoT) players to “move payment processing software from being embedded in each hardware device to being universally accessible in the cloud,” following the success of the company’s popular “Tap to Phone” solution.

VAC, which is already live in six countries, will assist innovators in turning nearly any device into a cloud-connected payment terminal while also providing Visa with seamless cloud-based software upgrades, comprehensive analytics, and network services. Because VAC is hosted on Visa’s servers, it has industry-leading data security capabilities.

Visa debuted “Tap to Phone,” an industry-first technology that turns current-generation “Android smartphones and tablets into contactless” point-of-sale terminals, in January 2020. Visa’s inaugural service, Tap to Phone, allowed sellers to take payments on their existing devices simply by downloading an app. Tap to Phone was used by more than 300,000 devices in 54 countries as of December 2021.

Visa stock performance

The V stock gained substantially post this announcement. The share prices were up by 1.80% and the stock traded at $219.59 at 10:19 a.m. ET, up 3.88 points from its previous close. The market capitalization stood at $462.7 billion then. The share volume traded for the V stock was 1,560,232, almost 10% od the average share volume of 10,754,552.

Visa’s Official Statement

“Cloud acceptance is the future of payments. Cloud-connected POS lets sellers accept payments across a range of devices quickly, simply, and safely, whether at an unattended kiosk in a hotel, a mirror in a high-end retail store or virtual in-home gym, or a smart phone in the hands of a small seller with a roadside newsstand.”

-said Mary Kay Bowman, senior vice president and global head of payment and platform products, Visa.
Related Posts