VDEP is a service designed to simplify users’ access to Visa’s secure token technology. The solution enhances transaction security and expands acceptance for PayPal’s digital wallet to all physical retail locations where Visa contactless transactions are enabled.
VDEP was launched in May 2015 by Visa to build on the company’s token technology and add a turn-key, toll-free commercial framework accessible to more than 14,500 Visa financial institution clients and technology partners around the world.
PayPal announced that it was planning to add NFC payment capability to its mobile app at Mobile World Congress in February 2016, according to nfcworld.com. As part of the deal, PayPal plans to promote the Visa payment option within its own services as well as to allow users to withdraw instantly and move funds from their PayPal and Venmo accounts to their bank account via their Visa debit cards, the site continues.
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