Visa Unveils Next-Generation Payment Innovations at Visa Payments Forum CEMEA 2024
Today, at the annual Visa Payments Forum for Central and Eastern Europe, Middle East, and Africa (CEMEA), Visa introduced a groundbreaking suite of new products and services aimed at revolutionizing digital payments. These innovations are designed to meet the evolving needs of consumers, merchants, and financial institutions across the region, spanning eCommerce, in-store shopping, and seamless money transfers.
Andrew Torre, Regional President of Visa CEMEA, highlighted the significance of these innovations in response to the rapidly growing digital payments landscape across the region. "As consumer preferences continue to evolve, we are excited to announce a new generation of digital-first payment experiences that offer greater convenience, security, and inclusivity," said Torre.
The new products and services unveiled by Visa include:
1. Visa Flexible Credential: This innovative feature allows consumers to toggle between different payment methods using a single card product, offering greater flexibility and choice. Whether it's debit, credit, installments, reward points, or currency preference, Visa Flexible Credential puts control in the hands of the consumer.
2. Nano Merchant Acceptance: Visa is introducing new solutions to enable digital payments for nano- and micro-merchants who are yet to adopt digital payment methods. These solutions include USSD Push Payments, Micro-merchant Acceptance, and Tap to Phone, allowing merchants to accept payments seamlessly through mobile devices.
3. Visa Payment Passkey Service: In response to the growing complexity of digital identity verification and increasing fraud, Visa introduces the Payment Passkey Service. Built on FIDO standards, this service allows consumers to confirm their identity and authorize online payments using biometric authentication such as face or fingerprint scans, eliminating the need for passwords or one-time codes.
4. Click to Pay: Click to Pay offers a seamless and secure checkout experience, allowing consumers to complete transactions using their registered email, phone number, or Visa Payment Passkey. This feature reduces manual entry of card details and passwords, enhancing convenience and security for online transactions.
5. Visa Protect for Account-to-Account (A2A) Payments: Visa Protect leverages AI to identify and mitigate fraud for account-to-account payments on Real-Time Payments (RTP) networks. This service has already demonstrated success in detecting previously undetected fraud, offering enhanced security for A2A payments.
6. Visa Pay: Visa Pay is a payments-as-a-service platform that enables banks to launch new digital consumer and seller services through their mobile banking apps. This platform integrates various capabilities such as digital issuance, payment initiation, tap-to-pay, fraud management, and tokenization, offering consumers enhanced digital payment experiences.
These innovations are set to roll out across the CEMEA region in the coming months, marking a significant step forward in advancing digital payments and shaping the future of commerce.
