Visa has unveiled its plans to introduce new card products and services to address the future needs of businesses, merchants, consumers, and financial institutions.
The new offerings include Visa Flexible Credential, Tap to Everything, Visa Payment Passkey Service, Click to Pay, Pay by Bank, Visa Protect for A2A Payments, and Data Tokens.
The US payment card services provider will roll out the new products and services, announced at the annual Visa Payments Forum in San Francisco, starting later this year.
Visa said that its consumers have been adapting to new payment experiences, from the advent of embedded, digital commerce to the rapid adoption of “the tap-to-pay”.
Visa chief product and strategy officer Jack Forestell 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 customized, convenient and secure future.”
Visa Flexible Credential allows a single card product to toggle between payment methods, enabling the consumer to easily choose between debit, credit, Buy Now Pay Later or pay using rewards points.
The company’s Tap to Pay offering turns any device into a POS device, Tap to Confirm authenticates identity when online shopping and Tap to Add Card enhances card security.
Visa Payment Passkey Service, built on the latest Fast Identity Online (FIDO) standards, confirms a consumer’s identity and authorises online payments with a scan of their biometrics.
The service replaces the need for passwords or one-time codes when shopping online.
Also, the company is integrating Visa Payment Passkey Service into Click to Pay, facilitating a more simplified and secure checkout experience at scale.
Visa said that electronic payments have been left out of the digital revolution, and its ‘pay by bank’ is digitising the account-to-account (A2A) payment experience.
Its ‘pay by bank’ offering gives people more options over how they want to pay.
Furthermore, Visa Protect for A2A Payments identifies Real-Time Payments (RTP) fraud and scams, and its Data Tokens add security to the payments ecosystem.
Forestell added: “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.
“Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.”
