Jeremy Belostock’s Post

Visa introduces 7 new consumer payments products - “…a 10 year effort to create what is essentially a secure digital commerce passport that will unlock new experiences both online and offline for issuers, consumers and merchants…” - says Mark Nelsen, Global Head of Consumer Payments Products at Visa. Several interesting trends are being addressed as part of Visa’s new offerings, and, more widely, as part of its strategic intent - such as Pay-by-Bank and combating APP Fraud. Just 3 weeks ago, Visa’s last financial results were published, as the company sailed past Wall Street’s estimates. There’s no doubt that the fierce competition in the global payments industry pushes Card Schemes in general, and Visa specifically, to continue evolving and diversifying product offerings.

A Digital Revolution Beyond Visa and Mastercard In a world increasingly driven by digital innovation, the UK's government recent report, highlights a pressing need – a "digital alternative" to the traditional card payment giants, Visa and Mastercard. This call for change isn't just a local necessity; it's a GLOBAL imperative. The future of payments should not be confined to the legacy systems that have long dominated our transactions. It's time to think beyond borders, beyond the conventional, and embrace a digital solution that meets the evolving needs of a global economy. That's where we, at kevin. step in. Our groundbreaking Global A2A NFC payment network is not just a concept; it's a reality, ready to scale and revolutionize how the world transacts. Our solution is designed to seamlessly integrate into existing payment habits while offering the benefits of enhanced security, reduced costs, and greater accessibility. Let's change the game without changing the way people pay. Join us in shaping a future where digital payment solutions are the norm, not just an alternative. https://lnkd.in/dZr-uZiS

Visa Recasts Digital Wallet Landscape at Intersection of Identity and Payments https://buff.ly/3WJ8VtC It's almost as if identity is the new... well, you know...

Visa last week announced a groundbreaking new initiative: "Flexible Credential" is joining the card network's extensive product stack, enabling a diverse range of payment methods using a single card. Leveraging open bank technology, Visa's Flexible Credential will enhance digital transactions and incorporate innovative solutions like tap-to-confirm for tap-to-pay and A2A payments. A standout feature, passkey technology, authorises customer payments utilising biometrics and is coupled with "Click to Pay", a digital wallet of sorts. Visa is also innovating on the security front with cutting-edge fraud recognition for account-to-account payments, paving the way for a more open and collaborative payments ecosystem. Read more in this great round-up from Kevin Woodward for Digital Transactions:   https://lnkd.in/gSAZfYS5 Christine Kim | Georgia Hanias | Katerina Fernandes | Alexi Markham | Tom Goldsmith | Edward Doljanin #PaymentsNews #Fintech

Some interesting changes coming down the line from #VISA as they look to modernise their Debit and Credit Card payment experience including: - Single card / credential for multiple accounts (debit, credit, BNPL - with Affirm in US, rewards). - Tap for everything everywhere - Visa payment passkey service with biometrics to combat fraud - Account to account payment service streamlined, pay by bank - Data tokenisation and AI driven merchant & consumer insights https://lnkd.in/gra-Weev #creditcards #debitcards

Instant payment schemes like the FedNow in the US are expected to put competitive pressure on card payment networks. As a result, we are seeing networks and processors starting to reposition themselves. Find how traditional players such as Mastercard and Visa are responding to new entrants in our latest blog: https://lnkd.in/e6CQYjm2 #PowerCARD #InstantPayments #HPS

Visa's new product announcements recognize the shift in payments toward the bank account (and away from the card network). With 62% of US credit card market share, Visa's new products build on the mobile banking app experiences with a focus on identity and diversified payments via bank account, including: 💳 Passkeys - payment identity solutions using facial or fingerprint scan 💳 One Card, Multiple Payments - a single card used to pay via credit, bank account, BNPL, crypto, or points 🤔 💳 Tap to Pay - building on the 65% global reach to authenticate cards and authorize P2P payments 🤔 💳 Pay by Bank - new ACH payment solutions that disintermediate the card network 🤔 💳 Push Payments Fraud - consumer protection solutions for new real-time payment rails that also disintermediate the card network 🤔 💳 Data Tokens for Consumers - tokenized access to transaction data that appears to support open banking and CFPB's impending 1033 rule 🤔 Visa's clearly getting in on the action of payments originating from the bank account - via ACH, Same Day ACH, RTP, and FedNow - without requiring the card networks. I'm not suggesting that cards are going away, but rather that account-to-account payments are expected to compete for a greater share of the wallet. Fun times to be in payments and bring out the 🍿. #paybybank #bankpayments #ACH Nacha #bnpl #fraud #RTP #FedNow

Mastercard to phase out manual card entry for online payments in Europe by 2030 Starting from 2030, Mastercard will no longer require Europeans to enter their card numbers manually when checking out online — no matter what platform or device they're using. Instead of the 16-digit card number we're all accustomed to using for transactions, this will be replaced with a randomly generated "token." Consumers will be able to make one-click payments at the checkout page using biometric authentication with a thumbprint.

Digital wallets are making payments more accessible and convenient for countless businesses and consumers. Through a combination of wallet aggregation partners and direct wallet connections, Visa Direct will enable more than 1.5 billion wallets across 44 countries and territories. As well as helping consumers to easily move funds cross-border, these tools support businesses that want to serve customers who don’t have access to a bricks-and-mortar bank. Learn more about how Visa Direct is helping to broaden accessibility to money movement here: https://vi.sa/3xjQ8ui #VisaDirect #MoneyMovement #DigitalWallets

💳 Visa is introducing a range of innovative digital payment solutions aimed at enhancing user experience, convenience, and security. Key launches include the "Visa Flexible Credential" feature, allowing users to select between different payment methods like debit, credit, and rewards points at checkout. The "Tap to Everything" service will enable NFC-enabled devices to facilitate payments, fund transfers, and identity verification. Visa's "Payments Passkey Service" will allow for biometrically authorized online payments, integrating with the Click to Pay service. The expansion of "Pay by Bank" streamlines account-to-account payments in the US. Furthermore, Visa is implementing its AI-driven "Visa Protect" service for fraud mitigation in real-time payments and introducing "Visa Data Tokens" for enhanced consumer data control. These initiatives, part of Visa's effort to revolutionize digital payments, focus on providing more personalized, secure, and efficient transactions, with several products already available in various regions and now extending to the US market. #AntiMoneyLaundering #AML #Artificial Intelligence #AI #Banking #Cards #Consumer #PersonalFinance #Contactless #Data&Analytics #Digital #FinancialServices #Finserv #Innovation #Mobile #OpenBanking #Payments #Visa #FinTech #PayTech #News #NorthAmerica #USA