Visa rolls out a series of new products at SFF 2024

By Gloria Mathias

Visa has announced a suite of new products and services that will be available in Asia Pacific. These solutions are set to reinvent the card and address the future needs of businesses, merchants, consumers, and the financial institutions that serve them.

“The payments landscape is changing rapidly, and it is impacting the interactions between consumers and businesses,” said TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa. “For Visa, this is an opportunity to deliver innovations that enhance payment experiences across the Asia Pacific with greater flexibility, security, and convenience. Visa is committed to meeting the evolving demands of consumers and merchants, ensuring seamless and secure payments.”

Visa is showcasing its new products and solutions at the Singapore FinTech Festival. These innovations, which will begin to roll out across Asia Pacific, include:

Visa Flexible Credential

Visa Flexible Credential allows a single card product to toggle between payment methods. Consumers can easily set parameters or choose whether they use debit, credit, “pay-in-four” with instalments, or even pay using rewards points, all via the same single Visa credential. The solution is currently available in Hong Kong, Japan, the Philippines, Singapore, Thailand and Vietnam.

Visa’s new wallet payment experience

Utilising its network expertise, Visa connects different types of payments, giving consumers more ways to pay, regardless of form factor, whether online or offline and at point-of-sale terminals. Soon, consumers will be able to use their everyday wallets to scan and pay at any merchant that accepts Visa via scanning-enabled QR codes at merchants outside of their domestic markets. Visa is working with QR providers, enabling these QR merchant networks to accept Visa payments. Visa is also working with digital wallet partners across the region to allow users of these wallets to scan these QR codes and pay seamlessly and securely when they travel abroad.

Visa Payment Passkey

Built on the latest Fast Identity Online (FIDO) standards, the Visa Payment Passkey enables consumers to verify and authenticate their identity and authorise online payments with a quick scan of their biometrics, like their face or fingerprint, using authentication tools made available on their devices. When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined and secure transactions.

Click to Pay

Click to Pay enables consumers to complete online transactions within a few clicks, powering a more seamless and secure checkout experience at scale. To check out online, consumers will need their registered email, phone number, or Visa Payment Passkey.

Data Tokens

Using its tokenisation infrastructure, Visa will now offer Visa data tokens, a new way for people to control their data and receive better shopping experiences powered by AI. The merchant’s AI models can use this token to deliver real-time recommendations. Additionally, Visa ensures that consumers can track and manage shared data through their mobile banking app.

Visa Protect for Account-to-Account (A2A) Payments

Visa Protect for Account-to-Account Payments (Visa Protect for A2A) is designed to detect and reduce fraud across immediate account-to-account payments, including P2P digital wallets and QR code payments. Built specifically as a fraud prevention solution for real-time payments, this AI-powered service analyses up to 500 unique risk factors in real-time, providing financial institutions with an immediate risk score to stop fraudulent transactions before they happen.