Visa Reinvents the Card, Unveils New Products for Digital Age

The way people pay and get paid has changed more in the past five years than in the last 50. Consumers have evolved, adapting to new payment experiences – from the advent of embedded, digital commerce to the rapid adoption of “the tap.” Today at the annual Visa Payments Forum in San Francisco, Visa (NYSE: V) unveiled new products and services that will revolutionize the card and address the future needs of businesses, merchants and consumers and the financial institutions that serve them.

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“The industry is at a pivotal point - new technologies like Gen AI are rapidly shifting how we shop and manage our finances,” said Jack Forestell, Chief Product and Strategy Officer, Visa. “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 customized, convenient and secure future.”

The new products and services Visa unveiled today, which will begin to roll out later this year, include:

Visa Flexible Credential

A Visa study found that more than half of card users want the power to access multiple accounts through a single credential.¹ The Visa Flexible Credential will allow a single card product to toggle between payment methods, putting the power of choice in the hands of the consumer. Now people can easily set parameters or choose whether they use debit, credit, “pay-in-four” with Buy Now Pay Later or even pay using rewards points. Visa Flexible Credential is live in Asia and will be launching with Affirm later this summer in the U.S.

Tap to Everything

There are six billion mobile devices in the world² providing consumers with a versatile NFC enabled device primed to be “tapped.” At the end of 2023, Visa’s tap to pay penetration reached 65% globally, up two times the penetration we saw in 2019, cementing tap as one of the best commerce experiences today.³

This year, new ways to “tap” on a mobile device will become an integral part of the Visa experience.

• Tap to Pay: Any device can now be a POS device
• Tap to Confirm: Easily authenticates identity when shopping online
• Tap to Add Card: Enhances security when adding card into a wallet or app
• Tap to P2P (person-to-person): Allows money to be sent between family and friends

Visa Payment Passkey Service