Payments Innovation

Visa Grows Emerging Markets Footprint With Planet Payment

Visa is partnering with Planet Payment, Inc., an international payment processing and transaction service, to deploy an easy-to-use payment processing solution for acquirers and merchants in growing markets around the world.

The payments processing solution, Visa’s Accelerated Connection Platform (ACP), promises to boost sales and efficiency for businesses with its reliance on Visa’s global network, which allows for offerings such as access to an array of point-of-sale technologies, loyalty programs and real-time offer redemption, Planet Payment announced.

Per agreement terms, Visa will offer back-end settlement support to acquirers and merchants who sign up for Visa’s ACP. The partnership is expected to see rapid adoption as the solution demands minimal changes to existing payments processing systems.

Visa’s partnership with the Long Beach, NY-based company over extending ACP is part of a joint initiative by the two companies to offer payment solutions in emerging markets around the world. Previously, the two companies partnered to deliver POS and ATM processing solutions in Myanmar. The two also provided payments processing solutions in Mexico as part of Visa’s project with baking giant Group Bimbo.

“Planet Payment shares Visa’s vision that payment processing is more than simply allowing merchants to accept payment for goods or services; it is about providing tools that create new business opportunities, improve efficiency and create more convenience to consumers,” said Carl Williams, CEO of Planet Payment.

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