Visa has announced a suite of new products and services aimed at transforming the future of payments in the Asia Pacific region at the Singapore Fintech Festival 2024 (SFF 2024).
One of the central products, Visa Flexible Credential, allows a single card to switch between various payment options—such as debit, credit, installment payments, or rewards redemption.
Consumers can also set parameters for their preferred payment methods within the single credential, adding further flexibility.
Launched in Japan with Sumitomo Mitsui Card Company, the feature has already gained traction, with over three million cardholders now using it.
This solution is available in several markets, including Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam.
Visa is also introducing a new wallet payment experience that enables cross-border payments through QR codes.
The feature allows consumers to use their everyday digital wallets to scan and pay at international merchants that support Visa QR codes.
This initiative, developed in partnership with regional digital wallet providers, will allow users to pay at international QR-enabled merchants using their domestic wallets.
The initiative will begin with a pilot in Singapore before expanding across the region.
To streamline online shopping, Visa has launched the Visa Payment Passkey and Click to Pay.
The Visa Payment Passkey leverages biometrics for online payment authentication, aiming to replace passwords or one-time codes with biometric scans, such as facial or fingerprint recognition, enhancing both security and ease of use.
Click to Pay simplifies checkout, requiring only a registered email or phone number.
Further supporting secure and personalised payment experiences, Visa has introduced data tokens to enable merchants’ AI models to offer tailored shopping recommendations while giving consumers control over shared data through their banking apps.
The data tokens also support real-time recommendations, creating enhanced shopping experiences for users.
Additionally, Visa Protect for Account-to-Account Payments, an AI-driven fraud detection tool, has been designed to reduce fraud in real-time, covering digital wallets and QR code payments.
This solution analyses up to 500 unique risk factors to generate an immediate risk score, helping financial institutions block fraudulent transactions.
Visa has also partnered with QR payment providers across Asia, including Lakala in China, Touch ‘n Go Digital in Malaysia, FOMO Pay in Singapore, LINE Pay in Taiwan, and VNPay and Zalopay in Vietnam, to enable seamless cross-border QR payments.
“The payments landscape is changing rapidly, and it is impacting the interactions between consumers and businesses.
For Visa, this is an opportunity to deliver innovations that enhance payment experiences across Asia Pacific with greater flexibility, security, and convenience.”
said TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa.
Featured image credit: Edited from Freepik
