[Fintech Weekly Update] Visa Reinvents the Card, Unveils New Products for Digital Age | by Yusuke Kawano | May, 2024

This week I share this article.

Visa unveiled new products and services at their annual Visa Payments Forum to revolutionize the payment card experience for the digital age. Key announcements include:

Visa Flexible Credential — A single card that lets users toggle between payment methods like debit, credit, buy now pay later, or rewards points. Live in Asia, launching with Affirm in the U.S. this summer.

Tap to Everything — Expanding “tap to pay” capabilities leveraging NFC-enabled mobile devices, including: Tap to Pay (turning any device into a POS), Tap to Confirm (authenticating identity online), Tap to Add Card (securely adding cards to wallets/apps), Tap to P2P (peer-to-peer money transfers).

Visa Payment Passkey Service — Built on FIDO standards, uses biometrics like face/fingerprint to confirm identity and authorize online payments without passwords, streamlining checkout while boosting security.

Click to Pay + Passkey Service — Integrating passkeys into Click to Pay for seamless, secure online checkout at scale. Partnering with issuers to enable it on new cards.

Pay by Bank — Digitizing account-to-account (A2A) payments, giving choice beyond cards for transfers, loans, etc. Expanding tech from Tink acquisition.

Visa Protect for A2A — Applying Visa’s AI fraud detection capabilities to mitigate scams on real-time payment networks. Live in Latin America, piloting in the UK.

Data Tokens — Lets consumers consent to sharing transaction data for personalized AI-driven shopping experiences from merchants. Consumers can review/revoke data sharing access.

The offerings aim to address evolving consumer needs, enhance security, enable choice, streamline digital commerce, and leverage AI while giving users data control.