Visa has unveiled new products and services to address the needs of consumers, merchants and the financial institutions that serve them across the region.
Visa unveiled the new products at the the annual Visa Payments Forum for Central and Eastern Europe, Middle East and Africa. The new products will bring new payment experiences to transform commerce and money movement spanning eCommerce, face-to-face in-store shopping, and seamless money transfers.
“With rapidly accelerating digital payments growth across Central and Eastern Europe, Middle East and Africa, we have seen a transformation in how consumers and merchants want to pay and be paid both online and in-store,” said Andrew Torre, Regional President, Visa CEMEA. “As we continue to shape the future of commerce, we are excited to announce a next generation of truly digital-first payment experiences to support consumers, merchants and our clients and partners. Today we are unveiling new card features and digital innovations that will bring consumers and merchants into a more customized, convenient, secure and inclusive future.”
The new products and services Visa unveiled, which will begin to roll out later this year, include:
1. Visa Flexible Credential
The Visa Flexible Credential will allow a single card product to toggle between payment methods. Customers can easily set parameters or choose whether they use debit, credit, pay-in-four with installments, reward points or even pay in another currency. Visa Flexible Credential will be available in the CEMEA region over the coming months.
2. Nano Merchant Acceptance
New ways to pay or be paid on a mobile device will be available to all merchants including:
- USSD Push Payments: allowing digital payments through any feature phone.
- Micro-merchant Acceptance: Allows money transfer from consumer to merchant through smartphone devices.
- Tap to Phone: Any device can now be a point-of-sale (POS) by simply tapping a card or a digital credential.
3. Visa Payment Passkey Service
Built on the latest Fast Identity Online (FIDO) standards, the Visa Payment Passkey Service confirms a consumer’s identity and authorizes online payments with a quick scan of their biometrics like a face or fingerprint. When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions.
4. Click to Pay
Visa is launching Click to Pay to power a more seamless and secure checkout experience at scale, where consumers will simply need their registered email, phone number or Visa Payment Passkey to check-out online. Additionally, in many markets around the world, Visa will partner with issuers to enable Click to Pay and Visa Payment Passkey Service on new Visa cards, reducing manual entry of card details and passwords from the moment the card arrives. Click to Pay is already available in CEMEA.
5. Visa Protect for Account-to-Account (A2A) Payments
Visa sees over 200 billion transactions every year and analyses 500 data elements in every transaction to identify and stop fraud in real time. Working with Real-Time Payments (RTP) networks around the world, Visa is overlaying decades of Visa expertise in applying AI to help mitigate fraud for account-to-account payments on RTP networks. Visa Protect for A2A Payments is already identifying 60% of RTP fraud and scams previously undetected by financial institutions where live in the UK and Latin America. Visa Protect for A2A Payments will be available in the CEMEA region over coming months.
6. Visa Pay
Visa Pay is a payments-as-a-service platform that allows banks to launch a range of new digital consumer and seller services through their own mobile banking apps to stay ahead of consumer digital preferences. Capabilities integrated into Visa Pay include digital issuance, payment initiation, tap-to-pay, fraud and risk management, tokenization, wallet platforms and issuer processing through a partner.
With Visa Pay, banks can supercharge their existing mobile apps. Visa Pay will be introduced in CEMEA over coming months.