Visa unveils new products at Singapore Fintech Festival 2024

These solutions are set to reinvent the card and address the future needs of businesses, merchants, and consumers, and the financial institutions that serve them.

TR Ramachandran, head of products and solutions, Asia-Pacific, at Visa. Photo: Visa

“The payment landscape is changing rapidly, and it is impacting interactions between consumers and businesses,” said TR Ramachandran, head of products and solutions for Asia-Pacific. “For Visa, this is an opportunity to deliver innovations that enhance payment experiences across Asia-Pacific with greater flexibility, security, and convenience. Visa is committed to meeting the evolving demands of consumers and merchants, ensuring seamless and secure payments.”

Visa has showcased its new products and solutions at Singapore Fintech Festival Hall 2, Booth 2E17. These innovations, which will begin to roll out across Asia-Pacific, include:

Visa Flexible Credential: This allows a single card product to toggle between payment methods. Consumers can easily set parameters or choose whether they use debit, credit, 'pay-in-four' with installations, or even pay using rewards points, all via the same Visa credential.

Since launching the Olive card in Japan with Sumitomo Mitsui Card Company (SMCC) just over a year ago, there are now over three million SMCC cardholders taking advantage of Visa Flexible Credential.

The solution is currently available in Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam.

Visa's booth at Singapore Fintech Festival 2024. Photo: Visa

Visa's new wallet payment experience: Utilising its network expertise, Visa connects different types of payments, giving consumers more ways to pay, regardless of form factor, whether online or offline and at point-of-sale terminals.

Soon, consumers will be able to use their everyday wallets to scan and pay at any merchant that accepts Visa via scanning enabled QR codes at merchants outside of their domestic markets.

Visa is working with QR providers, enabling these QR merchant networks to accept Visa payments. Visa is also working with digital wallet partners across the region, to enable users of these wallets to scan these QR codes and pay seamlessly and securely when they travel abroad.

Visa Payment Passkey: Built on the latest Fast Identity Online standards, the Visa Payment Passkey enables a consumer to verify and authenticate their identity, and authorise online payments, with a quick scan of their biometrics like their face or fingerprint using authentication tools made available on their devices.

When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined and secure transactions.

Click to Pay: enables consumers to complete online transactions within a few clicks, powering a more seamless and secure checkout experience at scale.

Consumers will simply need their registered email, phone number or Visa Payment Passkey to check-out online.

Data Tokens: Using its tokenization infrastructure, Visa will now offer Visa data tokens, a new way for people to control their data and receive better shopping experiences, powered by AI.

This token can be used by the merchant's AI models to deliver real-time recommendations.

Additionally, Visa ensures that consumers can track and manage shared data through their mobile banking app.

Visa Protect for Account-to-Account Payments: This service is designed to detect and reduce fraud across immediate account-to-account payments, including peer-to-peer digital wallets and QR code payments.

Built specifically as a fraud prevention solution for real-time payments, this AI-powered service analyses up to 500 unique risk factors in real-time, providing financial institutions with an immediate risk score to stop fraudulent transactions before they happen.

The way people pay and get paid has changed more in the past five years than in the last 50 years. Consumers have evolved, adapted to new payment experiences, from the advent of embedded, digital commerce to the rapid growth of different payment methods.

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