Visa has announced a suite of innovative digital-first products and services designed to meet the evolving needs of businesses, merchants, consumers, and financial institutions. Unveiled at the annual Visa Payments Forum in San Francisco, these new offerings promise to transform the future of payment cards and enhance the overall transaction experience.
Jack Forestell, Chief Product and Strategy Officer at Visa, emphasized the industry’s pivotal moment with new technologies like Gen AI rapidly changing how people shop and manage finances. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient, and secure future,” he stated.
Key Innovations Include:
- Visa Flexible Credentials:
- This feature allows a single card product to switch between different payment methods, such as debit, credit, ‘pay-in-four’ with buy now, pay later, or rewards points. Currently live in Asia, it will launch with Affirm in the US later this summer.
- New Card Usage Methods:
- Tap to Confirm: Authenticates identity when shopping online.
- Tap to Add Card: Enhances security when adding a card to a wallet or app.
- Tap to P2P: Enables person-to-person money transfers between family and friends.
- Payment Passkey Service:
- Aimed at replacing passwords, this service confirms a consumer’s identity and authorizes online payments using biometrics such as facial recognition or fingerprints. It enhances security and streamlines the checkout experience across devices and websites globally. Visa is integrating this with its Click to Pay online checkout service.
- Pay By Bank:
- Using technology from Swedish acquisition Tink, this account-to-account payment service is already available across Europe and recently launched in the US. It includes a security overlay to detect real-time fraud, currently live in Latin America and piloting in the UK.
- Data Tokens:
- This feature allows consumers to consent to sharing their data for personalized offers while shopping online. Merchants receive a private data token with AI-generated insights based on transaction data. Consumers can manage and revoke data-sharing consent through their mobile banking app.
Impact on Security and User Experience:
Visa’s new products are designed to improve both security and user experience. The Payment Passkey service and Pay By Bank’s fraud detection capabilities represent significant advancements in securing digital transactions. Data tokens offer enhanced personalization while giving consumers control over their data privacy.
Forestell highlighted the global desire for commonality, interoperability, and simplicity in online payments. “Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally,” he noted.
With these innovative solutions, Visa aims to lead the way in the digital transformation of payment systems, ensuring a secure, seamless, and personalized transaction experience for users worldwide.