Visa is set to revolutionize payments in the Asia Pacific region with the launch of innovative products and services. These new solutions aim to enhance convenience, security, and personalization in the digital payment landscape, addressing the evolving needs of consumers, businesses, and financial institutions.
“Innovation in our industry is vital as payments serve as the fundamental vehicle of commerce enabling economies to thrive,” said Stephen Karpin, Regional President, Asia Pacific, Visa. “There is a huge opportunity for the payments ecosystem to shape new digital experiences together. It is more critical than ever that we partner and collaborate closely to unlock meaningful value and impact for consumers, merchants and local communities.”
The key products and services announced include:
- Visa Flexible Credential. Allows users to access multiple accounts through a single credential, offering the flexibility to toggle between payment methods: debit, credit, Buy Now Pay Later options, and rewards points. This solution is already available in Hong Kong, Japan, the Philippines, Singapore, Thailand, and Vietnam, and will be launched in more Asia Pacific markets later this year.
- Tap to Everything. Enhances the mobile device payment experience with features like Tap to Phone, Tap to Confirm, Tap to Add Card, and Tap to P2P (person-to-person), making transactions more seamless and secure.
- Visa Payment Passkey Service. Utilizes biometric authentication (face or fingerprint) to replace passwords and one-time codes for online payments, reducing fraud and streamlining the checkout process.
- Click to Pay. Simplifies online shopping by allowing consumers to complete transactions with a few clicks using pre-enrolled Visa cards. Additionally, in many markets across Asia Pacific, Visa will partner with issuers to enable Click to Pay on new Visa cards, reducing manual entry of card details and passwords from the moment the card arrives.
- Data Tokens. Empowers consumers to control their data privacy and share data for personalized shopping experiences. Consumers can see where their data has been shared and revoke access via their banking app.
“We are seeing a rapid transformation in the way consumers shop and manage their information in today’s hyper-digitalized era,” said TR Ramachandran, Head of Products and Solutions, Asia Pacific, Visa. “The new solutions… will bring truly digital-native payment experiences right into consumers’ palms, setting the stage where commerce is made much more personalized, convenient and secure.”
