- Visa invites industry leaders to its annual Payments Forum to
set agenda for the future of commerce
- Digital Identity and Generative AI (Gen AI) take center stage
at San Francisco’s Moscone Center
- New innovations close the gap between in-person and digital
commerce experiences
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 A Pay.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240515563838/en/
jdresch@visa.com
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