Visa Reinvents the Card, Unveils New Products for Digital Age

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Visa invited industry leaders to its annual Payments Forum at San Francisco’s Moscone Center to set the agenda for the future of commerce. Digital Identity and Generative AI (Gen AI) took center stage, with new innovations closing the gap between in-person and digital commerce experiences.

San Francisco – Today at the annual Visa Payments Forum in San Francisco, Visa (NYSE: V) unveiled new products and services that will revolutionize the card and address the future needs of businesses, merchants, consumers, and the financial institutions that serve them.

“The industry is at a pivotal point – new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” said Jack Forestell, Chief Product and Strategy Officer, Visa. “We’re announcing the next generation of truly digital-native payment card experiences. Today we unveiled new card features and digital innovations that will bring consumers into a more customized, convenient, and secure future.”

The new products and services Visa unveiled today, which will begin to roll out later this year, include:

Visa Flexible Credential

A Visa study found that more than half of card users want the power to access multiple accounts through a single credential. The Visa Flexible Credential will allow a single card product to toggle between payment methods, putting the power of choice in the hands of the consumer. Users can easily set parameters or choose to use debit, credit, Buy Now Pay Later (pay-in-four), or pay using rewards points. The Visa Flexible Credential is live in Asia and will launch with Affirm later this summer in the U.S.

Tap to Everything

With six billion mobile devices globally, consumers now have a versatile NFC-enabled device that can be “tapped.” At the end of 2023, Visa’s tap to pay penetration reached 65% globally, up two times from 2019, cementing tap as one of the best commerce experiences today.

This year, new ways to “tap” on a mobile device will become integral to the Visa experience:

• Tap to Pay: Any device can now be a POS device
• Tap to Confirm: Easily authenticates identity when shopping online
• Tap to Add Card: Enhances security when adding a card into a wallet or app
• Tap to P2P (person-to-person): Allows money to be sent between family and friends

Visa Payment Passkey Service

Identifying a person in the digital world has become complex, leading to a significant increase in online payment fraud. 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. Visa passkeys replace the need for passwords or one-time codes, enabling streamlined, secure transactions.

“There is a global desire for commonality, interoperability, and simplicity in online payments. Our passkeys, designed for payments, represent a massive paradigm shift because they confirm identity without interrupting the checkout experience,” said Forestell. “Visa Payment Passkey Service increases security while reducing friction when paying online, across any device or website, globally.”

Click to Pay + Visa Payment Passkey Service

Visa is integrating Visa Payment Passkey Service into Click to Pay, powering a seamless and secure checkout experience at scale. This integration will reduce manual entry of card details and passwords from the moment the card arrives, enhancing security and convenience.

Pay by Bank

Non-card payments like ACH transfers have not kept pace with the digital revolution in terms of experience, security, and protections. With Pay by Bank, Visa is digitizing and streamlining the account-to-account (A2A) payments experience, giving consumers more choice over how they want to pay, whether through an A2A transfer, applying for a loan, or using another funding source like a credit card. Since acquiring Tink, Visa has expanded across Europe, bringing innovative financial management tools to millions of bank customers and streamlining their payment experiences. Visa is bringing this technology to the U.S. to help clients deliver seamless, protected banking experiences.

These innovations mark Visa’s commitment to transforming the payment landscape, making it more secure, convenient, and accessible for consumers and businesses alike.