Today, Visa (NYSE: V) introduced a new platform with a set of beta APIs,
specifications and development tools for issuers and issuer processors
to begin building and beta testing new payment products to help meet the
future needs of digital-first consumers. The offering will be available
to clients and partners via Visa
Next, a new destination for accessing new solutions in Visa’s
product pipeline.
The first set of beta APIs will help Visa’s clients and partners build
unique new ways for individuals to use, manage and control their money
digitally – and in a way that works for them. The APIs available
immediately on the platform, through Visa Next, will have the following
functionalities:
- Create new digital card accounts on demand
-
Add newly-issued or existing cards to the platform to build solutions
that seamlessly combine multiple Visa digital services -
Instantly activate and tokenize digital accounts for use in ecommerce
and in mobile wallets -
Enable a consumer’s mobile device for contactless or QR payments using
tokens -
Deliver rich transaction data to clients for real-time actions or
authorization decisions, and purchase alerts to the cardholder -
Configure rules/limitations around use of digital cards, such as
- Turn on/off transaction controls at any time
- Setting dynamic transaction or spending limits
- Control use by purchase channel or by geography
- Control use by merchant type, merchant, etc.
-
Share digital companion cards and control access in real time
- Independently manage controls on linked/shared digital cards
“Imagine if parents could instantly create a Visa card on their mobile
device and send it to their child’s phone for immediate use, instead of
giving them cash for movies, for example. They could also set parameters
around where, when, even how long the child can use this card – and
adjust these controls at any time via their own mobile device,” said Sam
Shrauger, SVP, global issuer and consumer solutions, Visa. “This example
is just one of many ways our partners and clients can use this platform.
Visa’s innovative tools enable the ecosystem to simplify certain aspects
of our everyday lives, giving consumers back the power of managing
finances the way it works the best for them.”
In addition, many consumers in Asia, for example, use a super-app wallet
that is only accepted within their country borders, but not necessarily
elsewhere. With the new set of capabilities, Visa’s clients and partners
can give their customers an option to turn their wallet balance into a
digital Visa card, right on their mobile device, and begin transacting
in over 200+ countries and territories, at 53.9 million merchant
locations where Visa is accepted1. The capabilities can also
help bring to life additional functionality, including the ability to
set card controls, load ‘tap to pay’ and create transaction
notifications for consumers.
“In an era where consumers expect to configure and control digital
experiences to match their specific needs, Visa should empower them to
do the same with their money,” continued Shrauger. “By helping
re-imagine how money is used in a digital age and by making new services
available through Visa Next, we are going to unlock new ways for
partners and clients to interact with Visa and bring to life the next
generation of digital-first payments products to meet those unique needs
of consumers worldwide.”
Visa Next will also enable the creation of globally interoperable and
tailored solutions for digital-first individuals around the world.
Throughout 2019, it will bring to life additional beta APIs including
loyalty, benefits and rewards and new transaction controls.
For more information about Visa Next and to partner with Visa to build
and enable the next digital-commerce experience, please visit https://visanext.com/.
1 Visa Fact Sheet, January, 2019
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network – enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit usa.visa.com/about-visa.html,
https://usa.visa.com/visa-everywhere/blog.html
and @VisaNews.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190422005154/en/