Visa seeks to provide more flexibility and security for the modern payments landscape.
On May 15th, Visa unveiled new innovation related to payment cards and account-to account payments that it asserts will provide account holders with more customization, convenience and security. The new payment card features and services are as follows:
The Visa Flexible Credential
This innovation will allow a single card product to toggle between payment methods, choosing to use debit, credit, “pay-in-four” with Buy Now Pay Later, or rewards points. Visa Flexible Credential is live in Asia; it will make its debut in the US this summer when Affirm begins to offer the functionality.
Tap to Everything
New ways to “tap” on a mobile device will become part of the Visa experience. The new ways to tap will include:
- Tap to Pay: Any device can now be a POS device
- Tap to Confirm: Easily authenticates identity when shopping online
- Tap to Add Card: Enhances security when adding card into a wallet or app
- Tap to P2P (person-to-person): Allows money to be sent between family and friends
- Visa Payment Passkey Service
- The Visa Payment Passkey Service confirms a consumer’s identity and authorizes online payments with a quick scan of their biometrics such as 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. 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.
For more information, see Visa’s press release: Visa Reinvents the Card, Unveils New Products for Digital Age
