When the world’s largest retail payments network opens up to the world of developers, it changes the game.
I’ve been in Fintech for almost 20 years and lived through the creative destruction of widely accepted digital strategies. Remember when everyone wanted to be a portal during the late 90’s? Over time the marketplace is the ultimate arbiter of who wins and loses, and the market-proven winning strategy is to be the platform for an industry. From Apple, Alphabet, and Amazon to Facebook and Microsoft (recently named the “Frightful 5” in an insightful article about platform strategy in the New York Times), the benefits of network effects mean that scale and standardized instant access to distribution wins. So when Visa, the world’s original fintech company, opens up the power of VisaNet, it means that developers can get instant access to our ecosystem of partners. No other company in this space has yet to deliver the customer density, global reach and scale that will be available through Visa’s open platform.
Our global product development team works with over 14,000 financial institutions around the world. While there are vast differences by market, the one thing all of our clients want is easy access to the latest digital capabilities to help them compete and deliver new commerce experiences to consumers who are increasingly relying on mobile device to shop and pay. From Visa’s industry-leading push payments service, “Visa Direct”, to the Visa Token Service, which enables banks to issue digital tokens that can be used for purchases online and with mobile devices, and Visa Checkout, Visa’s new Developer Platform offers a full catalogue of REST APIs on a fully functional developer portal including sample code, documentation, and a sandbox testing environment.
One of the core reasons we are so excited about today’s public launch is because Visa Developer is not a test or labs initiative like others in the space have done. Exactly the opposite, Visa Developer is launching as a key pillar of our go-to-market strategy and is designed to transform how Visa enables developers to deliver distinctive value to your customers. That’s why at launch you’ll find our latest risk and security products, such as Mobile Location Confirmation which can improve approval rates for global travelers. You’ll also have access to Consumer Transaction Controls which enables customers to have control over how, where, and when their account can be used.
All of this means that the ability to easily integrate payments and commerce into your business just got turbo-charged with the launch of Visa Developer. I encourage you to come build with us!