Visa unveils new digital payment solutions

June 7, 2024 11:01 am
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Visa has announced a suite of new products and services aimed at revolutionizing digital payments in the Asia Pacific region. The launch addresses the evolving needs of businesses, consumers, and financial institutions, introducing innovations that cater to the digital age.

“Innovation in our industry is vital as payments serve as the fundamental vehicle of commerce enabling economies to thrive,” said Stephen Karpin, Regional President, Asia Pacific, Visa. “There is a huge opportunity for the payments ecosystem to shape new digital experiences together. It is more critical than ever that we partner and collaborate closely to unlock meaningful value and impact for consumers, merchants, and local communities.”

“We are seeing a rapid transformation in the way consumers shop and manage their information in today’s hyper-digitalized era,” added TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa. “The new solutions unveiled today will bring truly digital-native payment experiences right into consumers’ palms, setting the stage where commerce is made much more personalized, convenient, and secure.”

Key products and services introduced include:

Visa Flexible Credential: Allows a single card product to toggle between payment methods such as debit, credit, “pay-in-four” with Buy Now Pay Later, or using rewards points. This feature has already been adopted by Sumitomo Mitsui Card Company and is available in markets like Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam.

Tap to Everything: Expands the capabilities of mobile devices as POS systems. New features include Tap to Phone, Tap to Confirm, Tap to Add Card, and Tap to P2P, enhancing security and convenience for users.

Visa Payment Passkey Service: Uses biometric authentication to replace passwords and one-time codes, reducing online payment fraud and streamlining the checkout process. This service is set to roll out in selected Asia Pacific markets.

Click to Pay: Simplifies guest checkouts by enabling consumers to complete online transactions with a few clicks, reducing the need for manual card entry and verification.

Data Tokens: Visa’s tokenization infrastructure now offers consumers control over their data, allowing them to consent to data sharing for personalized shopping experiences. Consumers can review and revoke data access via their banking app, ensuring transparency and privacy.

These innovations reflect Visa’s commitment to advancing digital payment solutions and enhancing the consumer experience. The rollout of these products across Asia Pacific is expected to begin later this year.

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