Visa Unveils Digital-First Products for the Modern Age

Visa has introduced a suite of innovative digital products and services designed to meet the evolving needs of businesses, merchants, consumers, and financial institutions, according to Finextra. Announced at the annual Visa Payments Forum in San Francisco, these products are set to roll out over the coming year.

“The industry is at a pivotal point — new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” stated Jack Forestell, Chief Product and Strategy Officer at Visa. “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.”

Key highlights include:

1. Visa Flexible Credentials: This allows a single card to toggle between payment methods such as debit, credit, ‘pay-in-four’ (BNPL), or rewards points. Already live in Asia, it will launch with Affirm in the US this summer.
2. Tap to Confirm, Tap to Add Card, Tap to P2P: These features enhance mobile card usage by simplifying authentication, adding cards securely to wallets or apps, and enabling person-to-person payments.
3. Payment Passkey Service: Aiming to replace passwords, this service uses biometric scans for identity confirmation and online payment authorization, streamlining the checkout process.

“There is a global desire to find commonality, interoperability, and simplicity for online payments. Our passkeys, designed specifically for payments, represent a massive paradigm shift in our industry because it confirms identity without interrupting the checkout experience,” added Forestell. “Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.”

Visa will integrate Passkeys with its online checkout service Click to Pay, enabling the new feature on Visa cards.

1. Pay By Bank: Utilizing technology from Tink, this account-to-account payment service is available in Europe and recently launched in the US. It includes a security overlay to detect fraud in real-time.
2. Data Tokens: This feature lets consumers consent to share their data while shopping online, offering personalized deals. Consumers can view and revoke data-sharing permissions via their mobile banking app.

These innovations mark a significant leap in Visa’s commitment to enhancing digital payment experiences, ensuring security, convenience, and customization for users worldwide.