Visa unveils digital payment products at Global FinTech Fest 2024

By Gloria Mathias

Visa has unveiled an array of payment products and solutions during the Global FinTech Fest 2024. The new product launches aim to drive digital payment adoption across India.

These advancements, developed in collaboration with a range of partners, are set to drive digital payment adoption across India by streamlining payment processes and enhancing transaction security and customer experience.

Here is an overview of the key announcements from Visa at GFF 2024:

• HDFC Bank’s All-in-One POS Device: HDFC Bank has introduced an all-in-one POS, a compact payment device for merchants that integrates point-of-sale (PoS), QR code scanning, and soundbox. As a network partner, Visa is collaborating with HDFC to accelerate acceptance at new touchpoints and increase digitisation across a broader merchant base.
• Paytm NFC Card Soundbox: Visa, in partnership with Paytm, has launched the Paytm NFC Card Soundbox, a two-in-one device combining mobile QR payments with an affordable card machine for offline merchants. This device facilitates payments via debit/credit card tap and QR code scan, simplifying transactions for millions of merchants.
• Neo for Merchants by Axis Bank and Visa: Axis Bank, with Visa and Mintoak, has introduced Neo for Merchants, a comprehensive mobile app for payment acceptance, transaction reporting, and service requests. The app offers convenient and efficient omni-channel payment acceptance and offers valuable business insights to help merchants and small businesses grow, thrive and compete in a digital-first world.
• PayU Push Provisioning Powered by Visa: PayU, in partnership with all major card networks, including Visa, announced the launch of its advanced ‘Push Provisioning’ platform. This solution facilitates the seamless sharing of card tokens between merchants and banks via a single platform.
• IDFC First Bank and Visa’s Ashva Metal Credit Card: Visa and IDFC First Bank have introduced the Ashva Metal Credit Card, which combines luxury, high-value rewards, low forex markup, and complimentary lounge access domestically and internationally. This Infinite Metal Credit Card caters to premium customers with exclusive perks.
• CRED In-App Card Payment Experience with Tokenisation: Visa and CRED have launched a new in-app payment feature using device tokenisation. This feature, initially available exclusively to CRED members, enhances security and convenience by eliminating the need to store sensitive payment data across merchant sites. Once a card is tokenised on a trusted device via CRED, it will be available for use across multiple merchant apps offering CRED Pay, removing the need for separate tokenisation with each merchant.
• Pine Labs Mini Device: Pine Labs, Visa has introduced the Pine Labs Mini, a soundbox-enabled device that supports QR, NFC, and card payments. This device aims to boost digital payment acceptance in Tier 3–6 cities by providing a more advanced and eco-friendly alternative to traditional printed QR codes, offering a low-cost point-of-sale solution for merchants.
• HSBC Premier Signature Debit Card: HSBC & Visa has introduced the HSBC Premier Signature Debit Card. This premium card offers an array of exclusive benefits, including VIP hotel perks, higher spending limits, special dining offers, and global airport assistance, designed to cater to the needs of discerning customers.
• Push Provisioning with AU Small Finance Bank and Juspay: Visa has partnered with AU Small Finance Bank and Juspay to introduce an innovative Push Provisioning solution. This new technology allows cardholders to seamlessly tokenise their payment credentials through their issuer’s app, significantly enhancing both security and convenience for digital transactions.