Fintech Nexus Newsletter (May 16, 2024): Major announcements from Visa on the future of card payments
Visa is hosting its annual Visa Payments Forum in San Francisco this week, and yesterday, there were some major announcements. Some are calling this the biggest thing in card payments since the card chip.
Here is a breakdown of the major announcements:
- Passkeys – confirm a consumer’s identity and authorize online payments with a fingerprint or facial scan.
- Visa Flexible Credential – combine multiple credit and debit cards from one bank into a single physical card and toggle between them as needed.
- Tap to Everything – tap your card to your mobile phone to do a host of new activities such as filling in payment information, authentication and P2P payments.
- Pay by bank – partnering with Dwolla to bring pay-by-bank to the masses.
- Visa Protect for A2A payments – bring all their fraud expertise to account-to-account payments on RTP networks.
- Data tokens – consumers can see where their data is being shared and revoke access from within their banking app.
There is a lot to unpack here, so for a quick first take, I recommend you read what Simon Taylor had to say on X early today. Also PYMNTS had an interview with a senior Visa exec that is worth a listen.
While some fintech companies have offered some of these features for years, taking this to the network level will improve the payments experience for everyone. I can’t wait to see these features roll out.
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