Visa has announced a series of new products and services aimed at transforming the future of payments in Asia Pacific. Singapore Fintech Festival 2024 (SFF 2024).
One of our main products, visa flexible credentialWith , you can switch between different payment options, including debit, credit, installments, and reward redemptions, all with one card.
Consumers can also set their preferred payment method parameters within a single credential, providing even more flexibility.
The feature was introduced in Japan with Sumitomo Mitsui Card Co., Ltd. and has already gained traction and is currently used by more than 3 million cardholders.
The solution is available in several markets including Hong Kong, Japan, Philippines, Singapore, Thailand, and Vietnam.
Visa is also introducing a new wallet payment experience that enables cross-border payments via QR codes.
This feature allows consumers to use the digital wallets they use every day to scan and pay at international merchants that support Visa QR codes.
Developed in partnership with regional digital wallet providers, the initiative allows users to use their domestic wallets to pay at international QR-enabled merchants.
The initiative will begin with a pilot in Singapore and then be expanded across the region.
To streamline online shopping, Visa launched Visa Payment Passkey and Click to Pay.
Visa Payments Passkey uses biometrics to authenticate online payments and aims to replace passwords and one-time codes with biometric scans such as facial recognition and fingerprint recognition, enhancing both security and ease of use. I am.
Click to Pay simplifies checkout by requiring only your registered email or phone number.
To further support a secure and personalized payment experience, Visa is enabling merchant AI models to provide customized shopping recommendations and giving consumers control over the data they share through their banking apps. Introduced tokens.
Data tokens also support real-time recommendations, providing users with an enhanced shopping experience.
Additionally, Visa Protect for Account-to-Account Payments, an AI-powered fraud detection tool, covers digital wallets and QR code payments and is designed to reduce fraud in real-time.
The solution analyzes up to 500 unique risk factors to generate an instant risk score to help financial institutions block fraudulent transactions.
Visa has also partnered with QR payment providers across Asia, including China’s Lakala, Malaysia’s Touch ‘n Go Digital, Singapore’s FOMO Pay, Taiwan’s LINE Pay, and Vietnam’s VNPay and Zalopay to provide seamless cross-border QR Allows for payment.
“The payments landscape is rapidly changing, impacting interactions between consumers and businesses.
For Visa, this is an opportunity to deliver innovations that improve the payment experience across Asia Pacific by increasing flexibility, security and convenience. ”
TR Ramachandran, Head of Products and Solutions, Asia Pacific, said: visa.
Featured image credit: Edited from freepic
