Visa is shaking things up in the world of payments with a slew of innovative digital product launches announced at their annual Payments Forum. These advancements, designed to “revolutionize the card,” promise a more customized, convenient, and secure payment experience for consumers.
Visa Flexible Credential: The Power of Choice
Get ready to ditch the multiple cards! The Visa Flexible Credential empowers users to seamlessly switch between debit, credit, rewards points, and even buy now, pay later (BNPL) options at checkout. This one-card-does-it-all solution is already live in Asia and is expected to launch in the US later this summer with the help of BNPL fintech giant Affirm.
Building on the massive success of tap-to-pay (65% global penetration in 2023!), Visa introduces Tap to Everything. This innovative service transforms any NFC-enabled mobile device into a payment acceptance terminal. Imagine effortlessly accepting payments, transferring funds, and securely confirming identities with a simple tap!
Security Reigns Supreme: Payments Passkey Service
Security remains a top priority for Visa. The new Payments Passkey Service takes online payment authorization to a whole new level by leveraging biometric technology. This service seamlessly integrates with Visa’s Click to Pay and will be embedded in all newly issued cards, providing an extra layer of security for online transactions.
A2A Payments Get a Boost in the US
Following the successful €1.8 billion acquisition of Swedish open banking platform Tink in 2021, Visa is expanding its Pay by Bank service to the US market. This move promises to streamline account-to-account (A2A) payments, making them faster and more convenient than ever. For enhanced security, Visa Protect, their AI-powered fraud mitigation service, will be applied to A2A payments in collaboration with Real-Time Payments (RTP) networks. This service is already live in Latin America and is currently being piloted in the UK.
Visa Data Tokens: Empowering You with Control
Taking control of your financial data is now easier than ever with Visa data tokens. This AI-powered solution leverages Visa’s tokenization infrastructure and a network of partner banks to empower consumers. You get to decide how merchants and financial institutions utilize your data for personalized experiences, with the option to revoke access at any time through your banking app.
A Glimpse into the Future of Payments
“These developments mark the next generation of truly digital-native card experiences,” says Jack Forestell, Chief Product and Strategy Officer for Visa. He emphasizes that these innovations will usher in “a more customized, convenient and secure future” for consumers.
While specific launch dates haven’t been announced, Visa expects to roll out these new products later this year. Stay tuned for exciting updates on how Visa is revolutionizing the way we pay!
