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Visa unveils new digital products
5/29/2024
Today as part of the annual Visa Payments Forum in the Central and Eastern Europe, Middle East and Africa region, Visa unveiled a package of new products and services that drive a radical transformation in card services and meet the future needs of its customers, consumers, merchants and financial institutions throughout the region.
As payment methods have changed over the past five years from what they were previously, these new innovations will provide unique payment experiences to create a qualitative shift in commercial and financial activity, including e-commerce, in-store shopping, and money transfers.
“The dramatic acceleration in the growth of digital payments across the Central and Eastern Europe, Middle East and Africa (CEMEA) region has significantly transformed the way we pay and collect money online and in stores,” said Andrew Torrey, Visa’s Regional President for CEE, Middle East and Africa. “As we continue our mission In shaping the future of commerce, we are pleased to support our customers, partners, consumers and merchants with the next generation of pioneering digital payment experiences and today we unveil new card features and digital innovations that will provide consumers and merchants with more personalized, convenient, secure and comprehensive solutions.”
Visa offers a range of innovative solutions that support digital identity, seamless payment experiences, flexible payments, accepting digital payments for microbusinesses, and protecting the security of account-to-account payments. Additionally, Visa announced the launch of its new payments-as-a-service platform, Visa Pay, which provides world-class mobile experiences for digital payments and intra-remittance transfers across the Central and Eastern Europe and Middle East Africa regions. This platform includes a comprehensive set of payment capabilities, and allows banks to deploy innovative and rapid solutions including digital card issuance requests, payment initiation order management, click-through payment, fraud and risk management, digital wallet platforms, and many more.
The new products and services Visa unveiled today, which will begin rolling out later this year, include:
Flexible Visa credentials
The provision of flexible credentials from Visa will allow customers to switch between different payment methods using a single card, providing greater choice for customers who can now set specific payment criteria or choose one of the payment methods that include debit cards, credit cards, or pay in four instalments. , redeem reward points, or even pay in another currency. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
Accepting payments from micro business owners
With an estimated 120 million formal and informal small and micro business merchants unable to accept digital payments in the CEE region, Visa is developing new ways to enable digital payments using virtual cards and credentials. In this context, the company this year will provide new methods of payment via mobile devices to all merchants, including:
* USSD Push Payments: Allows digital payments via any mobile phone that supports this feature.
* Small Business Owner Acceptance: This allows money to be transferred from consumer to merchant through smartphone devices.
* Mobile tap: Any device can now become a point of sale (POS) by simply tapping a card or digital credential.
Visa Payment Passkey Service
Identifying people in the digital world has become very complex; This has naturally led to a significant increase in fraud, with online payment fraud today being seven times higher than in-person payments.
Based on the latest Fast Verification of Identity Online (FIDO) standards, the Payment Passkey service can confirm a consumer's identity and enable online payment through a quick scan of their biometrics such as their facial features or fingerprint. Visa passkeys replace one-time passwords or codes when shopping online, allowing for more seamless and secure transactions. This service also confirms the consumer's identity without interrupting the payment process, as well as enhancing security levels and reducing friction when paying digitally - through any device or website - globally.
Click to pay
Visa has launched Click to Pay to provide a more seamless and secure payment experience on a broader scale, where consumers only need their email, phone number or Visa payment passkey to complete online payments. Additionally, Visa will collaborate with card issuers in several markets around the world to enable Click to Pay and Visa Payment Passkey services on new Visa cards, reducing manual entry of card details and passwords from the moment you start using the card. The Click to Pay service is available today in the Central and Eastern Europe, Middle East and Africa regions.
Visa Protection for Account-to-Account (A2A) Payments
Visa processes more than 200 billion transactions annually and analyzes 500 data elements in each transaction to detect and stop fraud in real time. By collaborating with real-time payments (RTP) networks around the world and leveraging decades of experience, Visa is working to use artificial intelligence to reduce fraudulent attempts in account-to-account payments across these networks. Visa's P2P protection service has already identified 60% of fraud across real-time payments channels, which financial institutions in the UK and Latin America had not previously detected. This service is scheduled to be available in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
Visa Pay platform
Visa Pay is a payments-as-a-service platform that allows banks to quickly launch a range of new digital services for consumers and sellers through their mobile banking apps to stay ahead of consumers' digital preferences. This platform enables digital card issuance applications, payment initiation order management, pay-per-click, risk and fraud management, tokenization, digital wallet platforms, and issuer processing through a partner.
This platform allows banks to enhance their applications on mobile phones, as consumers will enjoy world-class user experiences via mobile phone to complete digital payments and financial transfers, as well as enhance security levels and reduce fraud attempts. The Visa Pay platform is scheduled to be launched in the Central and Eastern Europe, Middle East and Africa regions in the coming months.
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