Visa unveils new products to redefine payment cards

At the annual Visa Payments Forum, covering the Central and Eastern Europe, Middle East and Africa region, Visa presented new products and services. According to the company, they will revolutionize the payment card industry.

The Flexible Credential technology will allow convenient switching between payment methods. Cardholders will be able to easily set parameters or choose what they will use: a debit card, credit funds, payment in installments, bonus points, or even payment in another currency.

The company is also developing new ways to make electronic payments for physical and virtual cards. This year, all merchants will have access to these new ways of making and receiving payments on mobile devices:

  • Push payments via USSD – digital payments via phone with any functionality;
  • acceptance of payments by microentrepreneurs – money transfers from a consumer to a merchant via a smartphone;
  • Tap to Phone – turning any device into a payment terminal and making payments in one touch (the technology is already available in Ukraine for Android and iOS smartphones).

To combat fraud, a new authentication standard, Fast Identity Online (FIDO), was introduced, which allows consumers to confirm their identity and authorize online payments using a quick scan of their biometric data.

The Visa Payment Passkey tool will verify identity without interrupting the payment process and increase security. Another product, Visa Protect, detects up to 60% of fraud in account-toaccount payments.

Another novelty is the Click to Pay service, which will allow you to make payments using only your email, phone number or Visa Payment Passkey for online payments. This service is also already available in Ukraine.

And finally, the latest innovation is Visa Pay, a payments-as-a-service platform. It allows banks to quickly launch new digital services for consumers and merchants through their own mobile banking applications.

The capabilities include digital issuance, payment origination, one-touch payment, fraud prevention and risk management, tokenization, wallet platforms, and issuer processing through a partner. The platform will be introduced in the CEMEA region in the coming months.