Consumer payment and collection methods around the world have changed more in the last five years than in the past 50 years. From e-commerce and embedded payments to contactless product and service shopping, consumer habits are constantly evolving by adapting to new payment methods. Ÿti. Visa (NYSE: V) discussed the future needs of businesses, businesses, consumers and the financial institutions that serve them at its annual Visa Payment Forum in San Francisco. introduced new products and services that will revolutionize the field of payment cards.
“The payments industry is going through an inflection point,” said Visa President of Product and Strategy Jack Forestell. New technologies such as productive artificial intelligence are rapidly changing the way we both shop and manage our budget. At Visa, we are proud to unveil the next generation of payment card experiences for the truly digital world. “The new card features and digital innovations we announced today open the doors to a more personalized, convenient and secure future for consumers,” he said.
The new products and services announced by Visa and planned to be launched in the coming months include the following:
Visa Flex Flexible Card (Visa Flexible Credential)
Visa market research reveals that more than half of card users want to access multiple payment card numbers through a single card product.   Visa Flex Flexible Card will allow consumers to switch between different payment methods through a single card product, leaving the power of choice in the hands of the cardholder. In this way, consumers will be able to set the parameters they want and choose to make their payments on the card, either by debit card, credit card, Buy Now Pay Later, for example in 4 installments or with reward points.
Contactless on all devices (Tap to Everything)
The six billion mobile devices currently in use around the world offer consumers a fleet of devices compatible with NFC antenna (Near Field Communication) contactless payment acceptance. By the end of 2023, Visa’s worldwide contactless payment penetration reached 65%. This figure, which is double the contactless penetration rate in 2019, confirms that contactless payments are one of the best shopping experiences today.
This year, new ways to make contactless payments via mobile devices will also be an integral part of the Visa experience.
- Tap to Pay: any mobile device can become a card-accepting POS terminal.
- Tap to Confirm: Easy identity verification will be possible while shopping online.
- Tapp to Add Card: Increases security when adding a card to a mobile wallet or application.
- Tap to P2P (contactless money transfer from person to person): Allows money to be sent between family members or friends.
Visa Passkey Service
Authentication of individuals in the digital world is extremely complex and is one of the important factors in the serious increase in fraud. Today, the rate of fraud occurring on the internet is 7 times higher than in the physical environment.
Based on the latest  Fast Identity Online (FIDO)  standards, Visa Passkey Service allows consumers to quickly authenticate online payments through biometric verification methods such as facial or fingerprint scanning. also approved ±yor. For online shopping, “Visa Passkey” password keys eliminate the need for single-use passwords or security codes for faster and more secure payment transactions. It allows operations.
Forestell, “There is a search for a similar payment experience, international operability and simplicity in online payments around the world. Our “Visa Passkey” password keys, specially designed for payments, represent an application that has surpassed the industry as it can authenticate without interrupting the payment experience. “Visa Passkey Service increases security while reducing friction in the payment experience, regardless of where in the world it is, whether on a website or on a mobile connected device,” he said.
Visa Click to Pay + Visa Passkey Service
Visa has integrated one of the first implementations of the Visa Passkey Service into Click To Pay, which offers a secure virtual payment experience for e-commerce payments, creating a more seamless and secure solution. It offers the saying experience on a wide scale. Visa, which cooperates with card issuing organizations in many markets around the world, has made Click to Pay and Visa Passkey Service available to card holders so that consumers do not have to enter their card information and passwords manually. It is working on its activation from now on.
Payments with Open Banking (Pay by Bank)
Payments made without a card do not offer the same experience, security and protection as payments made with a card. Electronic payments, such as account-to-account money transfers, have been left out of the digital revolution. With Pay by Bank, Visa’s open banking payment service, the account-to-account (A2A) payment experience becomes digital and easier. So consumers have more options on how they pay, whether it’s transferring money from account to account, applying for a loan, or paying with another financing source such as a credit card. After Visa acquired Tink, a financial technology company operating in the field of open banking, it will provide innovative financial management tools to millions of bank customers in Europe. While providing ±, it also eliminated the problems in the payment experience. The company is now preparing to offer this new technology to its customers in the USA.
Visa Protect: A layer of security for Account-to-Account payments
By analyzing 500 different data elements on more than 200 billion transactions passing through the Visa network every year, possible fraud attempts are prevented in real time. Working with Real Time Payments (RTP) networks around the world, Visa uses the expertise it has gained in the field of Artificial Intelligence, which it has been using for 30 years. kla prevents fraud in account-to-account payments in RTP networks. In account-to-account payments, which are currently implemented in Latin American markets and piloted in the UK, 60% of fraud cases that financial institutions could not detect before have already been reported. In this way, it has been detected.
Tokenization of data
Over the last 10 years, Visa has added security to the payments ecosystem by tokenizing payments and removing sensitive card information from the payment flow. Thanks to this technology, which is widely adopted by businesses and card issuing organizations around the world, 29% of all transactions made by Visa are tokenized. New data legislation. lari While , Visa is leading the way in consumer data privacy practices and generative AI is transforming the way consumers discover new things online, Visa is working on this new and improved version of payment data. It plays a role in providing business experiences and enables consumers to consume more time. He believes that he should have self-rights. By using its tokenization infrastructure, Visa aims to offer consumers a new way to control their own data and get better shopping experiences supported by artificial intelligence.
Visa data tokens allow consumers to allow their data to be shared with banks or financial institutions while shopping online, and then determine where this data is shared through the banking application they use. It allows them to cancel access to their data if they deem it necessary. With data tokens, Visa and ã¼ye banks can also provide a scholar experience to receive more personalized bids while making their businesses from all agents. If the consumer agrees, behind the scenes Visa transmits a special data token to the merchant, which also contains AI-generated insights based on the consumer’s transaction data. The data token can be used in harmony with the seller’s artificial intelligence infrastructure to provide real-time recommendations to the shopping consumer. Visa also transmits the data token to the consumer’s bank to identify where the data is shared, allowing it to see where the data is shared within the consumer’s mobile banking app. It also allows users to easily review their data and revoke access if they wish.
