Posted on 05/16/2024 10:40:28 AM PDT by EBH
SAN FRANCISCO--(BUSINESS WIRE)--May 15, 2024-- 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.
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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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240515563838/en/
jdresch@visa.com
Source: Visa Inc.
Cash please.
What could poosibly go wrong?
"One ring hack to rule them all"
No freaking idea at all... /sarcasm
They can’t secure one card, one account and they think a multi-payment card is a grand idea?
Good golly.
The further they push us down the digital line, the more realistic it is to have cash. Someone steals my wallet...Ok, that is maybe $100 bucks. Someone steals my “payment card” that just might be a lot of bucks and hassles for weeks. Plus it could happen online?!
Why does Visa have to partner with Affirm? Can’t they just easily create their own pay-in-installments service?
They used to run guns and drugs for those purposes. Now they use hackers that steal vast sums of money out of Americans bank accounts.
AT&T provides the data server facilities equipment, support, and services to hundreds of CIA-NSA data collection centers, yet AT&T can't tell us who breached all of our customer accounts with AT&T? That breach included everything any hacker needs to drain your bank accounts in seconds, yet years later they have idea zero who was behind it?
The hackers utilize AT&T networks to rob banks, yet because it's only specific accounts and not the bank as a whole, it's not bank robbery? They blame the account holder for the thefts.
Sounds woke
“tokenized”
I’ve not ever seen an analysis of fraud statistics between “tokenized” and “non-tokenized” transactions.
IOW, something is missing from this equation...
...so NO THANKS.
What’s next?
CBDC is following closely...
They already have that much power. I have multiple cards, including my debit card, that are VISA. The only real difference is consolidating to one to handle them all.
If we had representative government, they would protect our privacy from stuff like this.
Instead, government is working to increase crime so the people will beg to have privacy and freedom taken away for a little security.
“A Visa study found that more than half of card users want the power to access multiple accounts through a single credential.”
I must be in the other half ...
No, not quite.
This set-up smacks of social credit score controls. The government supports it.
Wow, multilevel security and branchless banking, how revolutionary. /s
Madness. Lose one credential, lose access to everything.
My guess is a retinal scan. All you have to do is look at something and cha-ching you just bought it.
One credential ...much easier to deny you access to your accounts should they decide you are a dissident. Think ‘truckers strike’ scenario in Canada.
This is about control, not convenience. It is being dressed up as convenience.
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