Visa brings real time VAU in APAC to streamline payment experience
By Gloria Mathias
Visa has announced the expansion of Real-Time Visa Account Updater (VAU) to selected markets in Asia Pacific, streamlining the payment experience for merchants and customers by providing cardholders with a single credential for life.
With the introduction of the service in APAC, consumers and merchants in the region will have access to real-time VAU across subscription services such as ride-hailing, food delivery, and monthly utility payments, amongst others.
Backed by Visa’s technology, Real-Time VAU helps merchants solve the issue of declined payments from customers with expired or replaced debit and credit cards by allowing businesses to update customers’ stored card details in real time. Real-Time VAU was first launched in North America in 2017 and in Europe in 2022.
T.R. Ramachandran, Head of Products & Solutions, Asia Pacific, said, “The launch of real-time VAU, in collaboration with our partners in Asia Pacific, will streamline this process while continuing to uphold the highest level of security. By providing merchants with the technology, we are empowering them to increase revenue and card authorization rates while delivering a seamless payment experience that aligns with what consumers have come to expect today.”
By facilitating the secure exchange of updated account information between participating merchants and the firm’s card issuers, VAU empowers merchants to provide a seamless payment experience that fosters customer loyalty and retention while boosting overall sales revenue.
In Asia Pacific, Visa is partnering with four global payment gateways and acquirers—Adyen, Checkout.com, Stripe, and WorldPay—to launch VAU in Asia Pacific. Cybersource, the company solution, is also offering VAU to customers to enable more businesses across the region to reap the benefits of VAU. This will especially benefit businesses that offer subscription services, such as ride-hailing apps, merchants in the food delivery and utility spaces, and more.
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December 08, 2023