Visa Reinvents the Card, Unveils New Products for Digital Age
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:
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.
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
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.
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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515563838/en/
Contact information
About Business Wire
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
Neural Potential: Mouser Series Explores Brain Computer Interfaces at the Intersection of Technology and the Mind25.3.2025 16:18:00 CET | Press Release
Mouser Electronics, Inc., the authorized global distributor with the newest electronic components and industrial automation products, today announced the release of the latest installment of the Empowering Innovation Together(EIT) technology series, which examines the rapidly evolving field of brain-computer interfaces (BCIs). This series takes a deep dive into the engineering challenges and opportunities in the development of mind-controlled systems. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250325376038/en/ BCIs create direct communication between the brain and external devices, enabling applications like motor function restoration for individuals with paralysis, speech enhancement for those with communication impairments, and even cognitive augmentation. These systems rely on electrode-based neural signal acquisition and advanced signal processing algorithms to translate brain activity into actionable commands. In th
New Milestone as Sweden Enshrines Policy That Can Turn World Smoke-Free25.3.2025 15:57:00 CET | Press Release
Sweden has enshrined tobacco harm reduction in public health policy after becoming the first nation to prove it’s the most effective path to a smoke-free future. Thanks to Sweden’s stance on safer nicotine alternatives, just 4.5% of Swedish-born adults now smoke - below the 5% smoke-free threshold. This success has led Parliament to formally adopt harm reduction, reinforcing Sweden’s role as a global leader in public health innovation. Dr. Delon Human, leader of Smoke Free Sweden, says: “Swedes have participated in a long-running harm reduction experiment, providing undeniable proof that replacing smoking with smokeless nicotine dramatically reduces smoking-related disease, disability and premature deaths - a net gain for public health, while reducing expenditure. “With harm reduction now policy in Sweden, every public health decision will reflect this approach. Other countries should adopt Sweden’s model without further delay.” Rather than reducing tobacco use, Sweden now prioritises
Neos Kicks Off Global Indie Game Publishing Business25.3.2025 15:00:00 CET | Press Release
Neos has launched "IndieTech Games," a label dedicated to publishing high-quality indie games worldwide, including in Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250320035646/en/ IndieTechGames Neos entered the game development and publishing business for Nintendo Switch in 2019, starting with the release of "Shin chan: Me and the Professor on Summer Vacation - The Endless Seven-Day Journey" in Japan in 2021. The title later expanded to Asia, Europe, and North America in the following year, and eventually to the rest of the world, achieving cumulative shipments of over 500,000 units. The latest title, "Shin chan: Shiro and the Coal Town," has also been released globally and has been well received, following the success of its predecessor with cumulative shipments exceeding 300,000 units. Through the sales and marketing of our in-house developed titles, we have had more opportunities to engage with games from around
Fluidstack to Deploy Energy Efficient Exascale GPU Clusters in Europe in Collaboration With Borealis Data Center, Dell Technologies and NVIDIA25.3.2025 14:00:00 CET | Press Release
Fluidstack, the AI Cloud Platform, today announced it is deploying and managing Exascale clusters across Iceland and Europe in collaboration with Borealis Data Center, Dell Technologies and NVIDIA. The clusters will allow Fluidstack to further deliver a wider array of service options and meet the strong demand for its service offerings from customers around the world. “Our mission has always been to support the most exceptional AI labs, researchers and enterprises on the planet,” said Cesar Maklary, co-founder and president of Fluidstack. “In collaboration with Borealis, Dell and NVIDIA, we can rapidly deploy high-density GPU supercomputers for both European and global customers, all while using 100% renewable energy.” Sustainable Growth with Borealis Borealis Data Center, a leader in green data center infrastructure, will provide Fluidstack with facilities powered by 100% renewable energy. Located in Iceland and operating across the Nordics, Borealis’ facilities benefit from a cold cl
Looking? Grindr’s ‘Right Now’ Feature Expands into 15 New Cities25.3.2025 14:00:00 CET | Press Release
Grindr, the Global Gayborhood in Your Pocket™ with more than 14.5M average monthly active users, today announced the expansion of Right Now, their intent-based feature designed to instantly connect people looking for immediate encounters. Right Now is a real-time feed, separate from the grid, where Grindr users can post text and share photos displayed for one hour that let others know exactly what they’re looking for… right now. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250325291399/en/ Grindr's Right Now feature. Today, Right Now will begin rolling out in fifteen new cities across North America, Europe, and South America. New York City, Los Angeles, Miami, Philadelphia, Austin, Chicago, Houston, Atlanta, Orlando, London, Paris, Madrid, Milan, Amsterdam, and Sao Paulo - some of the most densely populated gayborhoods in the world. “Right Now empowers our users to find exactly what they want, when they want it – without t
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