Visa is seeking to further modernise its range of products by introducing a suite of new features and products, covering areas such as tap to pay and account-to-account payments (A2A).
Starting with cards, the firm has launched the Visa Flexible Credential. The single card allows customers to utilise different payment methods, including debit, credit, ‘pay in favour’ buy now, pay later options, or via using rewards points.
The decision to launch this product was based on a Visa survey which found that more than half of its card holders wanted to access multiple accounts through one credential. The card has been taken live in Asia and will be launched in the US later this year.
Visa has also recognised the rise of mobile phone payments, which has driven an increase in tap to pay methods. The company plans to integrate ‘tap to’ methods across its payments journey, including authentications, addition of new cards to wallets, and person-to-person payments.
The Payment Passkey Service has also been integrated into Click to Pay, with the goal of creating a secure and seamless checkout experience. The payment network plans to partner with tenders in various markets to offer this service on new Visa cards.
Jack Forestell, Chief Product and Strategy Officer at Visa, said: “The industry is at a pivotal point – new technologies like Gen AI are rapidly shifting how we shop and manage our 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 customised, convenient and secure future.”
Perhaps of most significance for the market, Visa is stepping up its efforts in pay by bank. This method has been increasing in popularity in both the B2B and B2C spheres of late, with firms such as Trustly, MultiPay, PayPoint and Mastercard active in the area.
Visa aims to digitise and streamline account-to-account (A2A) payments by giving card users greater choice over payment methods. The 2022 acquisition of Tink has been cited as playing a key role in this regard by enabling Visa to expand its European operations, with an aim to now bring the technology to the US.
Regarding A2A payments, Visa aims to further prevent fraud in this area by working with global real-time payments (RTP) networks. Visa Protect for A2A Payments is already live in Latin America and is being piloted in the UK.
“There is a global desire to find commonality, interoperability and simplicity for online payments,” Forestell continued.
“Our passkeys, designed specifically for payments, represent a massive paradigm shift in our industry because it confirms identity without interrupting the checkout experience.
“Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.”
