The way people pay and get paid has changed more in the past five years than in the last 50, according to an update from Visa (NYSE: V).
Consumers have evolved, adapting to new payment experiences – “from the advent of embedded, digital commerce to the rapid adoption of ‘the tap’.”
At the Visa Payments Forum in San Francisco, Visa unveiled new products and services that will enhance “the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them.”
Jack Forestell, Chief Product and Strategy Officer, 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 customized, convenient and secure future.”
The new products and services Visa unveiled today, which will begin to roll out later this year, include:
Visa Flexible Credential
A Visa study found that more than half of card users “want the power to access multiple accounts through a single credential.”
The Visa Flexible Credential will “allow a single card product to toggle between payment methods, putting the power of choice in the hands of the consumer. Now people can easily set parameters or choose whether they use debit, credit, “pay-in-four” with Buy Now Pay Later or even pay using rewards points.”
Visa Flexible Credential is live in Asia and will be launching with Affirm later this summer in the U.S.
Tap to Everything
There are six billion mobile devices in the world “providing consumers with a versatile NFC enabled device primed to be ‘tapped.’ At the end of 2023,”
Visa’s tap to pay penetration reached 65% globally, “up two times the penetration we saw in 2019, cementing tap as one of the best commerce experiences today.”
This year, new ways to “tap” on a mobile device “will become an integral part of the Visa experience.”
Visa Payment Passkey Service
Identifying a person in the digital world has “become incredibly complex and has resulted in a significant increase in fraud. Today, online payment fraud is seven-times higher than in-person payments.”
Built on the latest Fast Identity Online (FIDO) standards, the Visa Payment Passkey Service confirms a consumer’s identity and “authorizes online payments with a quick scan of their biometrics like a face or fingerprint.”
When shopping online, Visa passkeys replace “the need for passwords or one-time codes, enabling more streamlined, secure transactions.”
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.”
For more details including latest product updates, check here.