The way people pay and get paid has changed more in the last five years than in the last fifty. Consumers have converted to new payment experiences. On the occasion of the annual Visa Payments Forum in San Francisco, Visa (NYSE:V) presented new products and services that will revolutionize the use of cards and meet the future needs of companies, merchants and consumers and the financial institutions that support them. «The sector is at a crucial stage“New technologies, such as generative artificial intelligence, are rapidly changing the way we shop and manage our finances,” said Jack Forestell, Chief Product and Strategy Officer, Visa. What we are announcing is the next generation of experiences with truly native digital payment cards. The new card features and digital innovations we present will accompany consumers towards a personalized, simpler and safer future.”
Visa Flexible Credetial: one card, multiple accounts
One Visa study found that more than half of card users want to have the ability to access multiple accounts through a single payment credential. «Visa Flexible Credential» will allow you to a single card to switch from one type of payment to anotherleaving the consumer the possibility to choose. People will be able to easily set the parametersdecide whether to use debit, credit, payment in installments with «Buy Now Pay Later» or even pay using reward points. «Visa Flexible Credential» is already active in Asia and will launch in the US with Affirm over the summer.
Visa Payment Passkey Service against online fraud
Online security is becoming a priority for all digital service providers: just think that fraud in online payments is seven times higher than in person payments.
Based on the latest Fast Identity Online (FIDO) standards, «Visa Payment Passkey Service», confirms a consumer’s identity and authorizes online payments with a quick scan of biometric data, such as a face or fingerprint. When shopping online, Visa passkeys eliminate the need for one-time passwords or codesallowing for simpler and more secure transactions.
«There is a global desire to find homogeneity, interoperability and simplicity in online payments. Our passkeys, designed specifically for payments, represent a huge paradigm shift in our industry because they confirm identity without interrupting the payment experience – said Forestell – «Visa Payment Passkey Service» increases security and reduces interruptions when paying onlineon any device or website, globally.”
What is Passkey
We have already talked to you about the world without passwords here. Passkey is the name of the function that promises all this, a single identity to access every service regardless of the company that offers it. In fact, it is born from a called alliance Fidoin which all the main giants participate, from AppleThat introduced Passkeys with iOS 16 to Google up to Microsoft and, indeed, Visa. How does it work? Simply put, when you register for an online service, the device – the smartphone, so to speak – creates a new pair of keys. That private is stored on the device itself, while that public is recorded by the app or website. When the user wants to enter it later, iThe device must “prove” that it has its private key to the service. The private key is unlocked through entering a Pin, facial recognition or any other tool we use to unlock our phone, PC or tablet. A bit like a password manager, where there is a single password (in this case the smartphone authentication) to remember.
«Pay by Bank» opens up the choice
Payments without using a card do not offer the same experience, safety and security as payments with a physical card. Electronic payments, such as ACH (Automated Clearing House) transfers, have been left out of the digital revolution. With «Pay by Bank», Visa digitizes and simplifies the account-to-account payments experiencegiving users more choice in how they pay, whether it’s a transfer, a request for a loan or payment with another type of financinglike a credit card.
