Visa Unveils Next-Generation Payment Experiences at Visa Payments Forum
San Francisco, June 4, 2024
– Visa announced today at the annual Visa Payments Forum in San Francisco that the way people pay and receive payments has transformed more in the past five years than in the last five decades. Consumers have adapted to new payment experiences, from the rise of embedded digital commerce to the widespread adoption of contactless payments.Visa Flexible Credential
A Visa study revealed that over half of card users desire the ability to access multiple accounts with a single credential. The Visa Flexible Credential enables a single card to switch between payment methods, giving consumers the power to choose. Users can set parameters or decide to use debit, credit, “pay-in-four” with Buy Now Pay Later, or even pay with rewards points. Visa Flexible Credential is already live in Asia and will launch with Affirm in the U.S. later this summer.
Tap to Everything
There are six billion mobile devices worldwide, offering consumers a versatile NFC-enabled tool ready for “tapping.” By the end of 2023, Visa’s tap-to-pay penetration reached 65% globally, doubling since 2019, establishing tap as one of the premier commerce experiences today. This year, new tap functionalities on mobile devices will become a key part of the Visa experience.
Visa Payment Passkey Service
Identifying individuals in the digital realm has become increasingly complex, leading to a substantial rise in fraud. Online payment fraud is now seven times higher than in-person fraud. The Visa Payment Passkey Service, built on the latest Fast Identity Online (FIDO) standards, verifies a consumer’s identity and authorizes online payments with a quick biometric scan, such as a face or fingerprint. When shopping online, Visa passkeys eliminate the need for passwords or one-time codes, enabling more streamlined and secure transactions.
Click to Pay + Visa Payment Passkey Service
Visa’s new deployment integrates Visa Payment Passkey Service with Click to Pay, providing a seamless and secure checkout experience at scale. In many global markets, Visa will collaborate with issuers to enable Click to Pay and Visa Payment Passkey Service on new Visa cards, eliminating the need for manual card details and password entry from the moment the card is activated.
Pay by Bank
Non-card payments often lack the experience, security, and protections of card-based transactions. Electronic payments like ACH transfers have lagged in the digital revolution. Visa’s Pay by Bank is transforming account-to-account (A2A) payments by digitizing and streamlining the process, offering more payment choices including A2A transfers, loan applications, and credit card usage. Since acquiring Tink, Visa has expanded across Europe, providing millions of bank customers with innovative financial tools and reducing payment friction. This technology is now being introduced in the U.S. to enhance banking experiences.
Visa Protect for A2A Payments
Visa processes over 200 billion transactions annually, analyzing 500 data elements per transaction to detect and prevent fraud in real-time. By collaborating with Real-Time Payments (RTP) networks globally, Visa leverages its AI expertise to mitigate fraud in A2A payments on RTP networks. Already active in Latin America and in a pilot phase in the UK, Visa Protect for A2A Payments is detecting 60% of RTP fraud and scams that were previously unnoticed.
Data Tokens
Over the past decade, Visa has enhanced payment security by tokenizing payments, removing sensitive cardholder information from the payment flow. Currently, 29% of Visa’s processed transactions are tokenized, with global adoption by merchants and issuers. As new data regulations improve consumer data privacy and Gen AI advances online discovery, Visa believes that payment data can enhance experiences and empower consumers with more control.
