Business Wire

Visa Reinvents the Card, Unveils New Products for Digital Age

Share

The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experiences – from the advent of embedded, digital commerce to the rapid adoption of “the tap.” Today at the annual Visa Payments Forum in San Francisco, Visa (NYSE: V) unveiled new products and services that will revolutionize the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240515563838/en/

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

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.1 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 world2 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.3

This year, new ways to “tap” on a mobile device will become an integral part of the Visa experience.

  • Tap to Pay: Any device can now be a POS device
  • Tap to Confirm: Easily authenticates identity when shopping online
  • Tap to Add Card: Enhances security when adding card into a wallet or app
  • Tap to P2P (person-to-person): Allows money to be sent between family and friends

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.4

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.

“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,” said Forestell. “Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.”

Click to Pay + Visa Payment Passkey Service

As its first deployment of passkeys, Visa is integrating Visa Payment Passkey Service into Click to Pay, powering a more seamless and secure checkout experience at scale. Additionally, in many markets around the world, Visa will partner with issuers to enable Click to Pay and Visa Payment Passkey Service on new Visa cards, reducing manual entry of card details and passwords from the moment the card arrives.

Pay by Bank

Non-card payments don’t deliver the same experience, security and protections as card-based payments. Electronic payments, like ACH transfers, have been left out of the digital revolution. With pay by bank, Visa is digitizing and streamlining the account-to-account (A2A) payments experience, giving people more choice over how they want to pay, whether that’s an A2A transfer, applying for a loan or paying with another funding source, like a credit card. Since its acquisition of Tink, Visa has expanded across Europe, giving millions of bank customers innovative financial management tools and removing friction from their payment experiences. Visa is bringing this new technology to the U.S. to help its clients deliver additional seamless, protected banking experiences.

Visa Protect for A2A Payments

Visa sees over 200 billion transactions every year and analyzes 500 data elements in every transaction to identify and stop fraud5 in real time. Working with Real-Time Payments (RTP) networks around the world, we are overlaying decades of Visa expertise in applying AI to help mitigate fraud for account-to-account payments on RTP networks. Live in Latin America and piloting in the UK, Visa Protect for A2A Payments is already identifying 60% of RTP fraud and scams previously undetected by financial institutions.6

Data Tokens

For the last 10 years, Visa has added security to the payments ecosystem by tokenizing payments, removing sensitive cardholder account information from the payment flow. Today, 29% of all transactions processed by Visa are tokenized,7 with widescale adoption by merchants and issuers in nearly every market globally. As new data regulations create a guide for better consumer data privacy practices, and Gen AI transforms how we discover things online, Visa believes that payment data has a role to play in delivering these new and improved experiences - and that consumers should be empowered to have more control too. Using its tokenization infrastructure, Visa will offer a new way for people to control their data and receive better shopping experiences, powered by AI.

Visa data tokens let consumers, whose financial institution participates in the program, consent to sharing their data as they shop online, then see where it’s been shared and revoke access right from their banking app. With data tokens, Visa and participating banks can enable an experience where a merchant can request consent from the consumer to get more personalized offers as they shop. If the consumer agrees, behind-the-scenes, Visa issues a private data token to the merchant complete with AI-generated insights based on the consumer’s transaction data. The data token can be used with the merchant’s AI models to deliver real-time recommendations for the shopper. Visa will also pass the data token to the consumer’s bank to capture where the data has been shared, so the consumer can easily review where it has been shared in their mobile banking app and revoke access if they choose.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

__________________________

1 Source: from Visa Flex Account Consumer Research Conducted November 2022: Consumer evaluation of Flex Consumer Value Proposition to support Visa’s pitch to Issuers (AP Markets only)​
2 Statista Data 2023: https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/
3 VisaNet Data, December 2023, December 2019
4 Source: 1. Visa data. Fraud data from 3Q23. Approval rate from 4Q23.
5 VisaNet data, https://usa.visa.com/run-your-business/visa-security/risk-solutions/authorization-optimization.html
6 APay.UK/Visa pilot analysed more than 50% of annual UK A2A transactions over a 12-month period.
7 VisaNet, April 2024. Global card-not-present (CNP) and card present (CP) transactions for tokenized vs non-tokenized credentials.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

jdresch@visa.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.com

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Negative Emotions High Across Countries in Conflict in Greater Europe25.6.2024 06:01:00 CEST | Press release

In 2023, Ukraine was engulfed in war, while a new clash erupted between Israel and Hamas in the European sphere of influence. The Gallup Global Emotions 2024 report reveals the emotional toll of these conflicts. The report offers a snapshot of Gallup’s latest measurements of people’s positive and negative daily experiences. The findings are based on nearly 146,000 interviews with adults in 142 countries and areas in 2023. While global negative emotions dipped for the first time in a decade and positive emotions rebounded to their pre-pandemic highs, many of the world’s conflict zones remained bleak. After Oct. 7 Attacks, Israel Vaulted to Top 10 in Negative Emotions Israel, surveyed by Gallup two weeks after the Oct. 7 Hamas attacks, made the top 10 list of countries with the worst Negative Experience Index scores for the first time, at 47. In 2022, Israel ranked among the countries with the lowest scores in the world on this index. Fueling this low score, Israelis saw massive increase

DNP Achieved Over 85% Repulpability for High Barrier Paper Mono-Material Sheet25.6.2024 03:00:00 CEST | Press release

Dai Nippon Printing Co., Ltd. (DNP, TOKYO:7912) has successfully updated the materials and processing methods used in a proprietary mono-material sheet for packaging product to achieve over 85% repulpability1. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240620532988/en/ Image of updated packaging employing paper mono-material sheet (Photo: Business Wire) In 2022 we developed an environmentally friendly packaging sheet with high barrier properties2 that prevents the transmission of oxygen and water vapor as packaging materials for food, cosmetics, and medical products. At the same time, the use of mono-material paper facilitated increased recyclability. Development In recent years, as an indicator of eco-friendliness in the recyclability of paper packaging, efforts have been witnessed in Europe and the United States to improve the recycling effect of paper as a renewable resource, by increasing the repulpability to more th

China Hi-Tech Fair Gearing up for Its 26th Edition on November 14 in Shenzhen25.6.2024 02:00:00 CEST | Press release

China Hi-Tech Fair (CHTF), a large-scale international event and China's premier tech show showcasing innovative technologies and products, will kick off its 26th edition on November 14-16, 2024 at Shenzhen World Exhibition & Convention Center under the theme "Technology Leads Development, Industry Integrates Fusion". Covering an exhibition area of 400,000m2, CHTF 2024 is expected to attract over 5,000 exhibitors and 500,000 attendees from more than 100 countries and regions. This year, the event will feature 20 top fast-growing sectors, including China’s Leading Heavy Equipment, Top Tech Industry Chains, Clean Energy, High-end Machinery Manufacturing and Low-altitude Economy & Aerospace, etc. About 150 activities will be held concurrently. Leveraging Shenzhen's role as an international innovation center, CHTF has become an important gateway for China's high-tech sector to connect with the international community, and a top-level platform empowering tech companies to elevate their glob

Merck Provides Update on Phase III TrilynX Study in Locally Advanced Head and Neck Cancer24.6.2024 22:35:00 CEST | Press release

Merck, a leading science and technology company, today announced the discontinuation of the Phase III randomized TrilynX study evaluating xevinapant plus chemoradiotherapy (CRT) in patients with unresected locally advanced squamous cell carcinoma of the head and neck (LA SCCHN). The decision follows a pre-planned interim analysis performed by the study’s Independent Data Monitoring Committee, which found that the trial would be unlikely to meet its primary objective of prolonging event-free survival. Top-line safety data were overall compatible with the chemo-radio sensitizing properties of xevinapant. The company will conduct an in-depth review of the data and will share the results in a peer-reviewed forum. LA SCCHN has proven to be a difficult-to-treat form of cancer. CRT has remained the standard of care for decades, despite multiple studies designed to improve outcomes with new treatment approaches, including multiple immunotherapy trials. “We sincerely thank the patients, caregiv

Verimatrix To Showcase Mobile App Protection Platform at OWASP Events in Lisbon and San Francisco24.6.2024 17:45:00 CEST | Press release

Regulatory News: Verimatrix, (Euronext Paris: VMX, FR0010291245), the leader in powering the modern connected world with people-centered security, today announced its participation in two leading events organized by the Open Worldwide Application Security Project (OWASP). The following conferences will showcase the award-winning Verimatrix Extended Threat Defense (XTD) mobile app security solutions: OWASP Global AppSec Lisbon 2024 – June 24-28, 2024 Lisbon Congress Centre – Lisbon, Portugal https://lisbon.globalappsec.org/ OWASP Global AppSec San Francisco 2024 – September 23-27, 2024 Hyatt Regency San Francisco – San Francisco, California https://sf.globalappsec.org/ Bringing together those tasked with ensuring proper security for apps, the associated enterprise, as well as their app users, OWASP events serve as leading venues to illustrate the value and differentiation that comes with proactively deploying mobile app protections. Verimatrix XTD mobile app security solutions quickly a

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye