At the annual Visa Payments Forum in San Francisco, Visa unveiled new products and services that will enhance the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them.
The new products and services Visa unveiled, which will begin to roll out later this year, include:
The Visa Flexible Credential will allow a single card product to toggle between payment methods, putting the power of choice in the hands of the consumer. Now people can easily set parameters or choose whether they use debit, credit, “pay-in-four” with Buy Now Pay Later or even pay using rewards points. Visa Flexible Credential is live in Asia and will be launching with Affirm later this summer in the US.
Visa launches new ways to tap
This year, new ways to “tap” on a mobile device will become an integral part of the Visa experience. This includes, Tap to Pay allows any device to be a POS device, Tap to Confirm which easily authenticates identity when shopping online, Tap to Add Card which enhances security when adding card into a wallet or app and Tap to P2P which allows money to be sent between family and friends
Visa Payment Passkey Service confirms a consumer’s identity and authorises online payments with a quick scan of their biometrics like a face or fingerprint. When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions.
Visa is integrating Visa Payment Passkey Service into Click to Pay, powering a more seamless and secure checkout experience at scale. Additionally, in many markets around the world, Visa will partner with issuers to enable Click to Pay and Visa Payment Passkey Service on new Visa cards, reducing manual entry of card details and passwords from the moment the card arrives.
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By GlobalData
With pay by bank, Visa is digitising and streamlining the account-to-account (A2A) payments experience, giving people more choice over how they want to pay, whether that’s an A2A transfer, applying for a loan or paying with another funding source, like a credit card.
Working with Real-Time Payments (RTP) networks around the world, Visa is overlaying decades of Visa expertise in applying AI to help mitigate fraud for account-to-account payments on RTP networks. Live in Latin America and piloting in the UK, Visa Protect for A2A Payments is already identifying 60% of RTP fraud and scams previously undetected by financial institutions.
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Source Link: https://www.electronicpaymentsinternational.com/news/visa-unveils-new-digital-products/
