Visa, a leading player in the global payments industry, is rolling out several new features aimed at enhancing the user experience. These updates, seen at the Visa Payments Forum in San Francisco, promise to make transactions more seamless and secure for cardholders.
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No More Physical Cards
One of the most anticipated changes is that users will no longer need to carry physical debit or credit cards. This innovation was introduced at the Visa Payments Forum, where the company outlined various enhancements designed to improve payment processes.
Visa Flexible Credential
Visa’s new technology, the Visa Flexible Credential, allows users to access multiple accounts through a single card. This feature addresses the desire of over half of card users to streamline their payment options. With this card, users can choose between debit, credit, “pay-in-four” Buy Now Pay Later options, or rewards points for each transaction.
Flexible and Customizable
The Visa Flexible Credential provides the flexibility to set transaction parameters for each account, making the payment process more efficient. Already operational in Asia, this technology is set to launch in the United States in partnership with Affirm later this summer.
Enhancements to Tap to Pay
Visa is also expanding its “tap to pay” technology, which simplifies and secures transactions. The enhancements include:
Tap to Confirm
This feature allows users to authenticate their identity quickly when shopping online, enhancing security without compromising convenience.
Tap to Add Card
Improving security, this feature streamlines the process of adding a card to a digital wallet or app, reducing the risk of fraud.
Tap to P2P (Person-to-Person)
This innovation facilitates seamless money transfers between friends and family, eliminating the need for bank apps or external services, and reducing waiting times.
Digital Security
Given the increasing prevalence of cybercrime, Visa is prioritizing digital security with its new Visa Payment Passkey Service. This service uses biometric authentication, such as face scans or fingerprints, to verify identities and authorize online payments.
Enhanced Security
The Visa Payment Passkey Service aims to make transactions more secure while maintaining a smooth user experience. By leveraging biometrics, Visa enhances security without interrupting the checkout process.
A Global Standard
Jack Forestell, Visa’s chief product and strategy officer, emphasized the global need for commonality, interoperability, and simplicity in online payments. The passkeys are designed to confirm identity seamlessly across devices and websites worldwide, significantly increasing security and reducing payment friction.
Visa’s new features mark a significant advancement in digital payment technology, promising greater convenience, customization, and security for users. These innovations are set to transform how consumers interact with their finances, offering a glimpse into the future of digital payments.
FAQs
What is the Visa Flexible Credential?
A new technology that allows users to access multiple accounts through a single card, providing flexibility in choosing payment methods for each transaction.
What are the new features of Visa’s tap to pay technology?
The features include Tap to Confirm, Tap to Add Card, and Tap to P2P, each enhancing security and convenience in different ways.
How does the Visa Payment Passkey Service work?
This service uses biometric authentication (face scan or fingerprint) to verify identities and authorize online payments.
When will the Visa Flexible Credential be available in the U.S.?
It is scheduled to launch later this summer in partnership with Affirm.
Why is Visa focusing on digital security enhancements?
Due to the increasing prevalence of cybercrime, Visa aims to improve transaction security while maintaining a seamless user experience.
