Visa has announced a series of new payment technologies designed to enhance the digital transaction experience in the Asia Pacific region. These innovations include solutions aimed at increasing transaction flexibility, enhancing security, and streamlining the consumer shopping experience.
A key introduction from Visa is the Visa Flexible Credential, which simplifies how consumers manage their finances by allowing them to toggle between different payment methods—such as debit, credit, Buy Now Pay Later options, or rewards points—using a single card product.
This solution, known as “Olive” to Sumitomo Mitsui Card Company cardholders, is currently available in Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam, with plans for further expansion later this year.
In addition to the Flexible Credential, Visa has enhanced Near Field Communication (NFC) technology capabilities through several ‘Tap to’ functions. These include Tap to Pay, which enables any device to act as a POS terminal; Tap to Confirm, which helps authenticate identity during online transactions; Tap to Add Card, which secures the process of adding a card to a digital wallet; and Tap to P2P, which facilitates person-to-person money transfers.
Visa has also co-developed the Click to Pay feature with EMVCo to simplify the online checkout process. This standardised solution enables consumers to complete purchases in just a few clicks without the need to manually enter card details, making online shopping more seamless and secure.
Further enhancing payment security, Visa has introduced Data Tokens, a significant innovation that gives consumers control over how their information is shared with merchants. These tokens contribute to a safer payment environment and enhance consumer confidence in digital transactions. With over one billion Data Tokens issued across the region, there is clear evidence of its widespread adoption by merchants and issuers.
Stephen Karpin, Regional President for Visa Asia Pacific, emphasised the significance of continuous innovation within the payments industry.
“As the fundamental vehicle of commerce, it’s crucial that we spearhead initiatives to shape new digital experiences. Our collaborative efforts are essential to unlock substantial value and impact for all stakeholders involved,”
said, Stephen.
TR Ramachandran, Visa’s Head of Products and Solutions in Asia Pacific, highlighted the transformation in consumer behaviour in the digital age.
“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.”
TR Ramachandran said.
Featured image credit: Edited from Freepik
