The stock of Visa Inc (NYSE:V) closed at $108.41 gaining 0.80% in yesterday’s trading session. Visa has today made an announcement outlining that Facebook, Inc (NASDAQ:FB) is joining the Visa Digital Enablement Program (VDEP).This is a program entrusted with the set up of a commercial framework which makes it easier for partners to gain direct access to Visa’s token services as well as the other digital capabilities.
Facebook has expressed its desire to use the Visa Token Service and by employing its digital properties it seeks to accelerate the availability of secure, payment-enabled services.
Over the years, Visa has focused in on the development of diverse programs and technology platforms including the Visa Token Service and VDEP. The goal has been to help simplify the process for its wide array of clients and partners to move innovative payment solutions to the market.
The move by Facebook to join VDEP has been applauded by a number of top analysts who have said that the company is now better placed towards offering its payments solutions to businesses. The number of financial institutions adopting the payment solutions is rising pretty fast in the recent times.
Operating businesses is becoming a lot easier and the company is intending to carry out further upgrades. It will cost it some money, but it is willing to take the risk for ensuring that its services remain vibrant in the long run.
Facebook spokesperson in a recent interview spoke about the company’s plan to simplify the existing complex set of contractual agreements and technology integrations. The company takes with seriousness the matter of accelerating the availability of commerce-related services and payments for all the Facebook users around the world.
The executive vice president of innovation and strategic partnerships working for Visa opined, “Being able to offer people a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using, is increasingly critical and is what VDEP is designed to do for a global technology company like Facebook.”
