The way people pay and get paid has changed more in the past five years than in the last 50.
Consumers have evolved, adapting to new payment experiences – from the advent of embedded, digital commerce to the rapid adoption of “the tap.”
Visa is announcing a suite of new products and services that will be available in Asia Pacific.
These solutions are set to revolutionise the card and address the future needs of businesses, merchants and consumers, and the financial institutions that serve them.
“Innovation in our industry is vital as payments serve as the fundamental vehicle of commerce-enabling economies to thrive,” said Stephen Karpin, Regional President, Asia Pacific, Visa.
“There is a huge opportunity for the payments ecosystem to shape new digital experiences together. It is more critical than ever that we partner and collaborate closely to unlock meaningful value and impact for consumers, merchants and local communities,” he said.
“We are seeing a rapid transformation in the way consumers shop and manage their information in today’s hyper-digitalised era,” said TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa.
He also stated, “The new solutions that are unveiled today will bring truly digital-native payment experiences right into consumers’ palms, setting the stage where commerce is made much more personalised, convenient and secure.”
The new products and services Visa unveiled, which will begin to roll out later this year across Asia Pacific, 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.
Now people can easily set parameters or choose whether they use debit, credit, “pay-in-four” with Buy Now Pay Later or even pay using rewards points all via the same, single Visa credential.
In Asia Pacific, Sumitomo Mitsui Card Company (SMCC) was the first bank to adopt this solution, which is also known as “Olive” to SMCC’s cardholders.
The solution is currently available in Hong Kong, Japan, the Philippines, Singapore, Thailand and Vietnam, and will be launched in more Asia Pacific markets later this year.
Tap to everything
There are six billion mobile devices in the world providing consumers with a versatile NFC-enabled device primed to be “tapped.” At the end of 2023, Visa’s tap-to-pay penetration reached 65% globally, up two times the penetration we saw in 2019, cementing tap as one of the best commerce experiences today.
This year, new ways to “tap” on a mobile device will become an integral part of the Visa experience.
- Tap to Phone: 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
