March 2023
© 2020 Visa. All Rights Reserved.
1
V I S A . C O M – E X P A N D I N G A C C E S S F O R S E L L E R S
Digital Wallets in Visa’s Ecosystem: Policies & Requirements
Contents
Backdrop ................................................................. 1
Digital Wallet Types and Requirements ........... 2
Common Requirements ...................................... 4
Evolution & Growth Trajectory .......................... 5
Visa Rules............................................................... 6
Comparison of Requirements ............................ 7
Sample Transactions ........................................... 11
Back-to-Back Funding ........................................ 13
Card fronting........................................................ 14
Backdrop
The Visa acceptance ecosystem covers all
commerce types, including the face-to-face,
unattended, mobile and e-commerce
environments; it helps to increase electronic
payment acceptance for sellers, allowing a variety
of ways to connect to Visa either directly, through
an acquirer or via a third-party. With the increased
growth of e-commerce and particularly digital
wallets, it is important that Visa continues to foster
innovation and support new payments experiences
across the ecosystem.
Visa Participation in Digital Wallets
With the increased growth of e-commerce and
particularly digital wallets, one of Visa’s top
priorities is to continually foster innovation and
support new payment experiences across the
ecosystem while supporting core payment
experiences. Visa supports digital wallets in several
ways, including funding wallet accounts, cashing
out stored funds and enabling access to Visa’s
unparalleled acceptance network. However, a small
subset of digital wallet functionality introduces
potential risks to Visa’s ecosystem, stakeholders
and customers; and it is important for acquirers,
issuers and digital wallets operators to understand
the requirements for safe operation and what
activities are not appropriate.
This guide is intended to provide a greater
understanding of the different types of digital
wallets in Visa’s ecosystem, as well as guidance on
the policies, technical and operational requirements
and restrictions applicable to each of them;
including support of “Back-to-Back Funding“
1
1
Also known as “live-load”, “real-time load” or “purchase-driven load/funding”
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capability when combined with general purpose
payment network products at the “front” of the
wallet.
Side-by-side comparisons of Visa’s digital wallet
policy and technical requirements are included on
pages 7-9, and sample transaction flows on pages
11-12.
Digital Wallet Types and
Requirements
Digital wallets are software-based systems that (i)
store information about a customer’s Visa
credentials used to fund the wallet’s account and
(ii) are used to make payments – either purchases
from sellers or money remittance (i.e. person-to-
person “P2P” transfers). In Visa’s ecosystem, digital
wallets share the following common features:
• Functionality that can be used at more than one
seller
2
.
• Stores and transmits payment credentials from
the customer to the seller to initiate
transactions, or from the sender to the recipient
for a P2P transfer (e.g. Visa account number
(PAN) or payment token).
There are many distinct features that digital wallets
may support, based on the flows of funds,
processing infrastructure supported on their
platform and ultimately the role Visa’s payment
credentials play in the wallet. These different
features determine the way Visa categorizes the
digital wallet, and therefore what activity is
permitted or prohibited.
Visa defines three different types of digital wallets.
This section will describe each type, as well as the
most important policies that apply each wallet type.
All wallet types must also comply with the
requirements in the following section, “Common
Requirements”.
2
Single brand merchant wallets and straight-through P2P providers (that do not
store funds) are not categorized as digital wallets in Visa Rules. Further explanation
on merchant wallets on page 4
Pass-Through Digital Wallets
Overview
Pass-Through Digital Wallets are typically mobile
phone-based solutions that allow customers to pay
in-store (as a tap to pay transaction) or online,
usually via a tokenized, digital version of their
physical Visa product. Pass-Through Digital Wallets
may also be embedded on “wearables” (e.g. smart
watches) or browser-based “card on file” solutions
specifically for conducting online/e-commerce
transactions.
Key Requirements
Transactions initiated using Pass-Through Digital
Wallets transmit the customer’s payment credential
to the seller, who then processes the transaction
directly with their acquirer like any other Visa
payment transaction. The wallet operator, therefore,
is not involved in the movement of funds, and no
funds are stored in/by the wallet.
Stored Value Digital Wallets
Overview
Stored Value Digital Wallets operate like prepaid
cards by assigning a separate “account” to the
customer, which the customer pre-loads with funds
using their Visa payment credential, before being
able to transact with sellers connected to the digital
wallet’s platform or complete a P2P transfer to
other users of the wallet’s platform. Generally,
customers & sellers are either transacting within the
Stored Value Digital Wallet’s proprietary network of
connected users, or within the Visa ecosystem if the
wallet has attached a Visa product (e.g. a prepaid
credential) to the “front” of the wallet, so the wallet
uses Visa to make purchases, cash withdrawals etc.
Key Requirements
The wallet may allow different funding options for
the customer (e.g. manual/ad-hoc loads, recurring
loads or balance-driven loads), but the customer’s
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wallet-assigned account must always hold a
balance of pre-loaded funds to be able to transact.
Sellers directly connected to the digital wallet’s
platform are connected to the digital wallet to
accept pre-loaded funds from digital wallet-
assigned accounts, via the digital wallet’s brand;
they are not accepting Visa payment credentials
directly for payment when the customer pays using
the digital wallet.
Stored Value Digital Wallets must only work with
acquirers located in the same country
3
to load
funds from a linked Visa payment credential. When
loading funds into the digital wallet account from a
linked Visa payment credential, the Stored Value
Digital Wallet and the wallet’s acquirer must
process the transaction as an Account Funding
Transaction (AFT) with a Business Application
Identifier (BAI) of “FT” (Funds Transfer), along with
the Stored Value Digital Wallet’s Merchant
Category Code (MCC).
Staged Digital Wallets
Overview
Staged Digital Wallets are capable of conducting
“back-to-back funding” transactions – also known
as a “live-load” or “real-time load” – which permits
the customer to undertake transactions with sellers
on the digital wallet’s platform when there are not
sufficient funds in the digital wallet-assigned
account to complete the transaction (which may
include a “zero balance”).
For a “back-to-back funding” transaction, the
funding or reimbursement transaction from the
underlying Visa payment credential:
(i) Exactly matches the amount of the
transaction attempted by the customer
(ii) Equals the remainder of the purchase
amount, if also partially funded by an
existing balance in the digital wallet-
assigned account (which may include
another store of value e.g. “pay with
points”), or
(iii) Is completed by multiple automated loads
of a pre-determined value
Further explanation of “back-to-back funding”
transactions, including examples, is included on
pages 13. It is important to note that all digital
wallets capable of “back-to-back funding”
transactions to complete a purchase are
classified as Staged Digital Wallets, even if the
wallet also enables pre-loaded funds to be
stored.
Key Requirements
Transactions within Staged Digital Wallets are
always between connected users i.e. customers who
hold accounts with the Staged Digital Wallet and
sellers directly connected to the Staged Digital
Wallet’s platform. Staged Digital Wallets must hold
acceptance contracts with all sellers on their
platform and must not contract with sellers located
in another country
4
.
Unlike Stored Value Digital Wallets, Staged Digital
Wallets are not permitted to assign a Visa or other
general-purpose payment network product (e.g. a
prepaid credential) to the “front” of the digital
wallet account to make purchases, cash withdrawals
or P2P transfers by using the back-to-back (live load)
functionality. Use of the Staged Digital Wallet back-
to-back functionality must only occur within the
wallet’s own proprietary network of connected
users and sellers.
In order to load funds or complete“ back-to-back
funding” transactions from a linked Visa payment
credential, Staged Digital Wallets must only partner
with an acquirer who is located in the same
country
4
.
3
In Visa’s Europe region, the acquirer and Stored Value Digital Wallet
operator may be in different countries within Europe. Consult the Visa
Rules for information
4
In Visa’s Europe region, the acquirer, Staged Digital Wallet & seller may be
in different countries within Europe. Consult the Visa Rules for more
information
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March 2023
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Acquirers must also ensure that Staged Digital
Wallets are registered with Visa; refer to Visa
Third Party Agent on visa.com for further
information on registration process.
Staged Digital Wallets must differentiate “load” or
“top-up” transactions and “back-to-back funding”
purchases to ensure that the applicable data
elements in the Visa transaction are correct. When
loading funds into the digital wallet account from
a linked Visa payment credential, the Staged
Digital Wallet and the wallet’s acquirer must
process the transaction as an AFT with a BAI of
“WT” (Wallet Transfer), along with the Staged
Digital Wallet’s MCC. Finally, when completing a
“back-to-back funding” transaction, the
transaction must be processed as a Purchase, also
with a BAI of WT, but with the seller’s MCC and
not the wallet’s MCC.
***
Note on Merchant Wallets: Depending on the
functionality that the merchant wallet supports,
some merchant wallets may qualify as either
Stored Value Wallets or Staged Digital Wallets.
(i) Merchant Wallets used within Merchant’s
single brand and single Merchant Category
Code (MCC), are categorized as Single
Merchant Wallets, and process their
transactions as purchase. This applies to both
pre-funding of the wallet before the
Cardholder makes a purchase and Back-to
Back Funding Transactions.
(ii) Merchant Wallets used throughout multiple
Merchant brands within the same parent
corporation, with the same MCC are
categorized as:
o Single Merchant Wallets, where the
wallet operator requires pre-funding of
the wallet balance; or
o Staged Digital wallets, where the
wallet operator supports back-to-back
transactions. These wallets must
comply with all requirements
applicable to Staged Digital Wallets
(iii) Merchant Wallet used throughout multiple
Merchant brands within the same parent
corporation, with multiple MCCs are categorized
as:
o Stored Value wallets, where the wallet
operator requires pre-funding of the
wallet balance. These wallets must
comply with all requirements applicable
to Stored Value Digital Wallets; or
o Staged Digital wallets, where the wallet
operator supports Back-to-Back Funding.
These wallets must comply with all
requirements applicable to Staged
Digital Wallets
Additional information is available in the merchant
wallet definition and treatment table on page 10.
Common Requirements
There are some policy requirements that apply
across all three digital wallet categories.
Consumer Disclosure & Consent
Visa requires all digital wallet operators to obtain
appropriate customer consent, to load and hold the
customer’s Visa credentials in the wallet for future
use. If the digital wallet operator is also enrolled in
the Visa Token Service, additional disclosure and
approval may be required.
Also, on the payment page and any page that
shows the customer’s payment account information,
digital wallets must ensure that they display (i) the
last four digits of the customer’s Visa payment
credential and (ii) either the Visa brand mark or
“Visa” in text next to a Visa payment option.
General Digital Wallet Acceptance
In general, there are no merchant category
restrictions for digital wallets.
Staged Digital Wallets are not permitted to
link to other digital wallets or be acquired by
payment facilitators.
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High-Brand Risk Sellers
Additional obligations and requirements apply if
Stored Value & Staged Digital Wallets directly
connect with sellers in certain high-risk
categories, e.g. gambling. Specifically, acquirers
must ensure that the digital wallet and all
connected high-risk sellers are registered with
Visa under Visa’s High- Brand Risk Merchant
program.
Additionally, transactions must include the high-
risk seller’s MCC, in place of the digital wallet’s
MCC. This means either:
(i) The digital wallet creates two separate
accounts (or “purses”) for the customer;
one that can be used for general
transactions and another that can only be
used by the registered high-risk seller(s).
In this case, the “general purse” is coded
with the digital wallet’s applicable MCC,
whereas funding the “high-risk seller
purse” must be coded with the high-risk
seller’s MCC.
The store of funds in the “general purse”
must never be used to conduct
transactions with high-risk sellers.
(ii) If the digital wallet cannot create
separate accounts (or “purses”), then
every transaction must be coded with the
high- risk seller’s MCC, even if not all
transactions are classified high-risk.
Evolution & Growth Trajectory
It’s not unusual for a digital wallet to develop and
evolve over time, expanding its functionality and
the way in which it can be used to support a
growing customer/user base.
As the digital wallet grows and expands, it’s
important to understand that functional evolution
can affect the way the digital wallet is classified
and therefore, how it must operate within the Visa
ecosystem. Digital wallet operators (and their
acquirers) must consider how new functionality or
transaction types fit within Visa’s policies and
ecosystem; it may mean that the digital wallet shifts
from one type of digital wallet classification to
another. For example:
A Stored Value Digital Wallet that solely
functions to enable P2P transfers might expand
and start allowing customers to make
purchases from sellers with the balance in the
digital wallet’s account. Its status does not
change, and it remains a Stored Value Digital
Wallet.
At its next expansion phase, it facilitates
certain purchases with “back-to-back
funding”. Even though these purchases may
be a small percent of total volume, the Stored
Value Digital Wallet is now capable of “back-
to-back funding” transactions, and it must
now be classified as a Staged Digital Wallet.
This has two important implications:
• A Stored Value Digital Wallet “fronted” by a
Visa or other general-purpose payment
network product (e.g. a prepaid credential)
must not engage in “back-to-back funding” for
any transactions
• Before a Stored Value Digital Wallet with only
proprietary network acceptance (i.e. not
“fronted” by a Visa or other general-purpose
payment network product) begins to support
“back-to-back funding” transactions, it must be
registered with Visa as a Staged Digital Wallet
and ensure all transactions include the BAI of
“WT”.
March 2023
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Visa Rules
The operating requirements governing each of
these different entities are subject to, and a part of,
the Visa Rules. For further information on
operational requirements, including rules pertaining
to disputes, merchant descriptors, and all other
aspects of these programs, please consult the Visa
Rules.
Additional Resources
Online: For more information on recommended
best practices, dispute management, security and
risk policies or to stay up to date with Visa
announcements, visit the Merchant Resource
Library on visa.com.
Digital Wallet Operators: Contact your Visa
acquirer
Acquirers: Contact your Visa Account Executive or
Account Manager
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Comparison of Requirements
Requirement
Pass-Through Digital Wallet
Stored Value Digital Wallet
Staged Digital Wallet
Acquirer & Contract Requirements
Additional acquirer capitalization
standard
No
No
Yes
Digital Wallet Operator (DWO)
registration & approval with Visa
5
No
No
6
Yes
6
DWO contract with acquirer
No
Yes
Yes
DWO contract with sellers
No
No
Yes
Direct seller contract with
acquirer
Yes
No
No
Eligible to be acquired by
payment facilitators or other
DWOs?
Yes, for transactions processed
through payment facilitators
No, for other DWOs
Yes
No
Seller located in acquirer country?
All applicable seller/acquirer
combinations
DWO must be located in Acquirer’s
country
3
; seller may be in another
country
DWO & seller must be located in
Acquirer’s country
4
Merchant location determined by
Seller
DWO
Seller
Acceptance Brand
Acceptance mark at seller’s POS,
website or mobile app.
Visa
DWO’s brand
Visa or other general-purpose
payment network if the wallet is
“fronted” by a Visa payment
credential or other general-
purpose payment network
credential (e.g. prepaid card)
DWO’s brand
March 2023
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Requirement
Pass-Through Digital Wallet
Stored Value Digital Wallet
Staged Digital Wallet
Transaction
Responsibility
Who is the “merchant”?
Seller
DWO
DWO
Name in transaction record &
customer’s statement
Seller
DWO
Pre-load: DWO Name
Back-to-Back Funding transaction:
DWO*Seller Name
Dispute resolution provided by
Seller
DWO
DWO
Transaction Processing
Transaction type
Purchase
Account Funding Transaction (AFT)
Pre-load: Account Funding
Transaction (AFT)
Back-to-Back Funding transaction:
Purchase
Merchant Category Code (MCC)
Seller’s line of business
Either:
6540 (Stored Value) for digital
wallets with most transactions
through a proprietary multi-retailer
network
4829 (Money Transfer) for digital
wallets with most transactions as
P2P
6012 (Financial Institution) if
eligible
If the DWO enables transactions
with certain high-risk sellers, the
seller’s MCC must be used
6
Pre-load: 6051 (Non-Financial
Institution)
Back-to-Back Funding transaction:
seller’s line of business
If the DWO enables transactions
with certain high-risk sellers, the
seller’s MCC must be used
6
5
If the DWO intends to be a token requestor, the DWO must be registered with Visa’s Token Service.
6
If the DWO enables transactions with certain high-risk sellers, the DWO & each high-risk seller must be registered with Visa under Visa’s High-Brand Risk program.
March 2023
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Requirement
Pass-Through Digital Wallet
Stored Value Digital Wallet
Staged Digital Wallet
Identifiers
Unique identifier included in
transactions
No
No
Merchant Verification Value (MVV)
Business Application Identifier
(BAI)
None
Funds Transfer (FT)
Wallet Transfer (WT)
l
ty
a
il
n
a
o
n
it
o
i
i
d
tc
d
n
A
Fu
Back-to-Back Funding allowed
N/A; does not store funds
No
Yes
Visa/non-Visa general purpose
payment network product at the
“front” of the DWO account (e.g.
a prepaid credential)
N/A; transactions facilitated using
digital tokens representing
underlying Visa credential
Yes
No
Pricing
Entity-based Visa transaction
pricing
No
No
Yes
7
7
Pricing may vary between countries and Visa regions.
March 2023
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Merchant Wallets Definition and Treatment
Merchant Wallet
Definition
Treatment
Single Corporation, single or
multiple Brands (single MCC)
This Corporation may have multiple location outlets,
single or multiple brands, but all within the same
merchant category code (MCC). Stored funds can only be
used within the Corporation’s single or multiple brands.
I. Single Corporation, single or multiple
brands (single MCC), no back-to-back
transactions supported. Treat as: (i)
purchase transaction; (ii) MCC of the
merchant/seller
II. Single Corporation, multiple brands
(single MCC), back-to-back transactions
supported. Treat as: Stage Digital Wallet
Single Corporation, multiple
Brands (multiple MCC)
This Corporation has multiple brands, location outlets
and multiple merchant categories. Stored funds can only
be used within the Corporation’s Brands.
I. If the wallet requires pre-loading of the funds
define as Stored Value wallet
II. If back-to-back transactions are supported,
define as Stage Digital Wallet
III. Wallet requires pre-loading of the funds
treat as Stored Value Wallet
IV. Wallet supports back-to-back
transactions, treat as Stage Digital Wallet
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Sample Transactions
Pass-Through Digital Wallet
Transactions initiated using Pass-Through Digital Wallets transmit the customer’s payment credential (usually tokenized) to the seller, who then processes
the transaction directly with their acquirer like any other Visa payment transaction. The transaction may be either in-store via the seller’s tap to pay
terminal, or online as an e-commerce transaction on the seller’s website.
Stored Value Digital Wallet
Stored Value Digital Wallets assign a separate “account” to the customer, which the customer pre-loads with funds using their Visa payment credential,
before being able to transact with sellers connected to the digital wallet’s platform or complete a P2P transfer to other users of the wallet’s platform.
Generally, customers & sellers are transacting within the Stored Value Digital Wallet’s proprietary network of connected users.
Note: If the Stored Value Digital Wallet assigns a Visa or other general-purpose payment network credential (e.g. prepaid card) to the “front” of the wallet, all transactions with the “front card” are
processed as a regular transaction outside the digital wallet’s proprietary network, subject to the policies & processing requirements of the network brand on the card (i.e. Visa or another general-
purpose payment network).
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Staged Digital Wallet
Staged Digital Wallets assign a separate “account” to the customer, which the customer may pre-load with funds, but may also facilitate “back-to-back
funding” transactions – also known as a “live-load” or “real-time load” – which permits the customer to undertake transactions with sellers or other users
on the digital wallet’s platform when there are not sufficient funds in the digital wallet-assigned account to complete the transaction.
The customer may transact with sellers connected to the digital wallet’s proprietary network or complete a P2P transfer to other users of the wallet’s
platform. When transacting, the customer is only able to transact within the Staged Digital Wallet’s proprietary network of connected sellers.
Note: Staged Digital Wallets must not assign a Visa or other general-purpose payment network credential (e.g. prepaid card) to the “front” of the wallet; use of the Staged Digital Wallet’s account
must only occur within the wallet’s own proprietary network.
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“Back-to-Back Funding”
Many digital wallets and prepaid instruments carry a balance. Many also offer automated reloads from a Visa payment credential kept on file, either on a
recurring basis or triggered when the wallet’s balance hits a certain amount, almost always as the result of a purchase. Depending on the way the load and
transaction is conducted, it may or may not be considered “back-to-back funding”:
(i)
Rules-Driven Load – these are not defined as “back-to-back funding” if the load is a single, predetermined amount
(ii)
Live/Real-Time Load – these are “back-to-back funding” transactions
“Back-to-back funding” – also known as a “purchase-driven load”, “live-load” or “real-time load” – is a payment flow that automatically transfers value via a
funding transaction that is directly connected to a specific purchase
8
. It enables the customer to complete transactions on the digital wallet’s platform
when there are not sufficient (or zero) funds in the digital wallet-assigned account. The funding transaction from the underlying Visa payment credential
either:
(i)
Exactly matches the amount of the transaction attempted by the customer
(ii)
Equals the remainder of the purchase amount, if the purchase is also partially funded by an existing balance in the digital wallet-assigned
account, or
(iii)
Facilitates multiple loads of smaller default amounts to cover the purchase amount (in full or part)
Additionally, the digital wallet may also enable the consumer to pay with another store of value (e.g., “pay with points”) if there is not sufficient
currency-denominated value to cover the full purchase, and the wallet pulls the delta to complete the purchase; this is also “back-to-back
funding”.
Further examples of funding use-cases are included on the following page.
The functionality to support “back-to-back funding” transactions is only permitted for use by registered and approved Staged Digital Wallets.
Stored Value Digital Wallets and issuers/operators of other Visa or non-Visa general purpose payment products must not support “back-to-back funding”
if the product is either (i) funded or (ii) “fronted” by a Visa payment credential.
8
The transfer of value to the digital wallet-assigned account may be either (i) a pre-load prior to, or (ii) a reimbursement after the transaction is completed.
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Card Fronting
Card fronting is when two or more different Payment Credentials or cards are linked together to complete a single Transaction using Back-to-Back Funding. For
example, “front” card is funded transaction-by-transaction from one of the linked payment cards, issued by unrelated issuers. This is strictly prohibited by Visa Rules.
No Back-to-Back Funding with Fronting
Card-fronting is not permitted. No digital wallet operators can support “back-to- back funding” capability when combined with general-purpose payment network
products at the “front” of the wallet.
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Funding Type
Functionality
Stored Value Digital Wallet
Staged Digital Wallet
Ad Hoc
Funding
Customer-initiated load of funds for any amount
Example: Single load of $50
✓
✓
Pre set or
Automatic load of a fixed amount based on a
regular frequency or minimum balance
Examples:
•
Monthly load of $100
•
Top up $50 when the balance hits $10
✓
✓
Back-to-Back
Funding
Transaction
Also known as
purchase-
driven, live-load
or real-time
funding
Automated, purchase-driven live-load (or
immediate reimbursement) pulling funds from a
linked funding source, enabling the customer to
complete a transaction without sufficient wallet
balance (or zero balance)
Example:
Attempted purchase of $100 with a $25 wallet balance
triggers either
9
:
•
Live-load for $100, ignoring wallet’s balance
•
Live-load for $75 to cover the difference between
the wallet’s balance & transaction total
•
3 x $25 “pre-set” loads cover the difference between
the wallet’s balance & transaction total
✓
Rules Driven
Funding
March 2023
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16
D I G I T A L W A L L E T S I N V I S A ’ S E C O S Y S T E M
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marketing, legal, regulatory or other advice. Nothing in these materials is intended to replace official Visa
documentation, including the Visa Rules or other technical, implementation or program management documents.
In the event of any conflict, the Visa Rules govern.
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Visa is not responsible for your use of the recommendations, or other information, including errors of any kind,
contained in this document.