Visa and some other major credit card companies are reportedly planning a unified checkout button, and as a result, the company is shutting down its own payment system ahead
Visa’s plan to shut down its payment system is not totally surprising, although, apart from the fact that it intends to integrate with other credit card companies to build a unified payment system, it also plans to rehaul its online payment system to add more security.
A reliable source told that Visa Checkout, which happens to be competing with the likes of Paypal is well known for its integration with the Google Pay digital wallet, is planning to shut down in 2020. While the move is a brilliant one, it is part of its plan to unify with other credit card companies like– Mastercard, American Express and Discover. At that, the companies would unite and launch their own checkout button. Also, It was discovered earlier this week that Google Pay no longer lists Visa Checkout.
In addition, Google confirmed to our source that Visa is migrating to a new solution based on EMV SRC. According to the tech giant, “such a move would allow Visa customers to use a newly expanded Visa Token system, which secures sensitive user information (such as account numbers and credit card expiration dates) with a digital identifier. That way, customers would have an extra line of defense in the case of a data breach.”
if you are a Visa customer, then you would have to wait for a few months when Visa plans to roll out its new EMV SRC to customers, however, full migration won’t happen until next year. Until that time, Visa Checkout will proceed as normal — with the exception of its direct integration with Google Pay.