Visa seeks to “revolutionise the card” with array of new product launches

Visa introduces series of new digital product launches

The unveilings include the introduction of Visa Flexible Credential, allowing users to seamlessly switch between debit, credit, rewards points, and buy now, pay later (BNPL) options during transactions.

Presently operational in Asia, this feature is slated to launch in the US “later this summer” through BNPL fintech Affirm.

Given that tap-to-pay usage reached 65% globally last year, Visa is also rolling out a new Tap to Everything service. This service enables NFC-enabled mobile devices to accept payments, transfer funds, and securely verify identities with a simple tap.

Security emerges as a key focus for Visa, evident in the launch of its Payments Passkey Service. This service authorizes online payments using biometric technology and will integrate with Visa’s Click to Pay service and newly issued cards.

Furthermore, Visa has steadily expanded its Pay by Bank service across Europe since its €1.8 billion acquisition of Swedish open banking platform Tink in 2021. The latest developments will extend this capability to US consumers, with Visa aiming to “digitize and streamline the account-to-account (A2A) payments experience”.

Visa Protect, a component of its value-added services utilizing AI to combat fraud, will be applied to A2A payments in collaboration with Real-Time Payments (RTP) networks. This service is currently operational in Latin America and undergoing pilot testing in the UK.

Another notable development unveiled during the forum is the introduction of Visa data tokens. Leveraging Visa’s tokenization infrastructure and partner banks’ networks, these AI-powered tokens give consumers greater control over their data shared with merchants and financial institutions. Consumers can consent to data sharing while shopping online and revoke access directly from their banking app if desired.

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Jack Forestell, Visa’s chief product and strategy officer, describes these developments collectively as “the next generation of truly digital-native card experiences”, promising a future that is more personalized, convenient, and secure for consumers.

Visa plans to roll out these new products “later this year”, aiming to redefine the card experience for consumers worldwide.

Source: fintechfutures.com