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The credit card giant reveals a suite of new digital products and services at the annual Visa Payments Forum.
Credit card company Visa has announced a raft of new artificial intelligence-powered and digital ID products at its annual Visa Payments Forum in San Francisco.
Visa data tokens let participating financial institutions share consumer data – with user consent – as users shop online, creating AI-generated “insights” into that customer’s behaviour. This can then assist in the creation of real-time, tailored recommendations to be shared with the customer.
The customer can then track these data tokens in their own banking app and revoke them whenever they choose.
The company also announced the Visa Payment Passkey Service, which is based on Fast Identity Online (FIDO) standards. This can confirm a customer’s identity and then authorise payments based on a biometric facial or fingerprint scan. The idea is that this can replace one-time codes and passwords for more seamless transactions.
“There is a global desire to find commonality, interoperability and simplicity for online payments. Our passkeys, designed specifically for payments, represent a massive paradigm shift in our industry because it confirms identity without interrupting the checkout experience,” Jack Forestell, chief product and strategy officer at Visa, said in a statement.
“Visa Payment Passkey Service increases security while reducing friction when you pay online, across any device or website, globally.”
The passkey service will also be integrated into Click to Pay, which itself is getting several upgrades. With Tap to Pay, any device can be turned into a point-of-sale device, while Tap to Confirm can authenticate a shopper’s identity online. Tap to Add Card streamlines adding new cards to digital wallets or apps, and Tap to P2P lets users send money to friends and family, person to person.
Meanwhile, Pay by Bank makes sending money from one account to another easier and is backed by Visa Protect for A2A Payments, which applies AI technology to counter online fraud.
Lastly, Visa Flexible Credential lets users switch payment types on a single card – debit, credit, and buy-now-pay-later schemes can all be chosen.
“The industry is at a pivotal point – new technologies like GenAI are rapidly shifting how we shop and manage our finances,” Forestell said.
“We’re announcing the next generation of truly digital-native payment card experiences. Today, we unveiled new card features and digital innovations that will bring consumers into a more customised, convenient and secure future.”
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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