BEIJING, May 20, 2024 /PRNewswire/ -- Over the past five years, payment and receipt methods have evolved and changed more rapidly than in the past 50 years. From the advent of embedded digital commerce to the rapid spread of “one tap and pay”, consumers have embraced change and are constantly adapting to new payment experiences. Recently, Visa announced that it will launch a range of new products and services in the Asia Pacific region. These solutions will lead changes in the payments sector and meet the potential needs of businesses, merchants, consumers, and financial institutions.

Stephen Karpin (Stephen Karpin), president of Visa Asia Pacific, said: “Payments are an infrastructure that enables business activity and a thriving economy. Innovation is essential in this industry. The entire payments ecosystem will have a major opportunity to co-create new digital experiences. Today, we especially need to work closely together to create value and impact to benefit consumers, merchants, and local communities.”

TR Ramachandran, Head of Products and Solutions at Visa Asia Pacific, said: “In today's highly digital age, we're seeing an accelerated transformation in the way consumers shop and manage information. “The new solution released by Visa brings a truly digital native payment experience to consumers, making business activities more personalized, secure and convenient.”

Visa's new products and services are expected to launch in the Asia Pacific market in the second half of 2024, including:

VISAFlexible payment vouchers (Visa Flexible Credential)

A Visa study found that more than half of payment card users want to use the same credentials across multiple accounts.^[1] Visa Flexible Credential (Visa Flexible Credential) supports the use of a card product to switch between multiple payment methods, leaving the right of choice in the hands of consumers. Now, people can easily set up with the same Visa payment voucher and choose to use a debit card, credit card, or pay in four installments via “buy now, pay later,” or even pay with rewards points. In the Asia Pacific region, Sumitomo Mitsui Payment Card Company (SMCC) pioneered the adoption of this solution and promoted it to its cardholders under the name “Olive.”^[2]The solution has now been launched in Hong Kong, China, Japan, the Philippines, Singapore, Thailand, and Vietnam, and is expected to launch in more Asia-Pacific markets later this year.

One shot is enough(Tap to everything)

The world's 6 billion mobile devices^[3], giving consumers the opportunity to pay with one tap through multi-function devices that support NFC. By the end of 2023, Visa's Tap to Pay (Tap to Pay) global penetration rate had reached 65%, double that of 2019, further consolidating the leading position of Tap to Pay in today's commercial experience.^[4]

This year, a new series of mobile device taps will be incorporated into the Visa experience.

• Tap to Pay: Any device can be a POS machine
• Tap to Confirm: Easily complete identity verification when shopping online
• Tap to Add Card: Add a payment card to your wallet or app more securely
• Tap to P2P (person-to-person): send money to friends and family

Click to pay (Click to pay)

For many consumers, checking out on e-commerce platforms as a guest has always been particularly cumbersome because they often need to manually enter bank card information and complete identity verification. Click to Pay (Click to Pay) removes this tedious process and provides a more secure and seamless batch checkout experience. With just a few clicks, consumers can choose a pre-registered Visa card to pay and complete online transactions. In addition, in various markets in the Asia-Pacific region, Visa will also cooperate with card issuers to enable the Click to Pay (Click to Pay) function on newly issued Visa cards, so that consumers can enjoy a convenient payment experience from the moment they receive the new card, eliminating the need to manually enter card information and passwords.

data token (Data Tokens)

Over the past 10 years, Visa has removed sensitive cardholders' account information from payment information transmission through tokenized payments, making the entire payment ecosystem more secure. Today, Visa has issued more than 1 billion tokens in the Asia Pacific region, and this technology has been widely adopted by merchants and card issuers in the Asia Pacific region.^[5]With the introduction of new data regulations, new guidance has been provided to strengthen consumer data privacy protections. And generative artificial intelligence (Gen Al) is changing the way people search for information online. Visa believes payment data can be used to create a more cutting-edge and superior experience, and consumers should have more control. Visa will use tokenized infrastructure to provide people with new ways to control personal data and have a better shopping experience supported by AI.

Visa data tokens allow consumers to agree to share their data when shopping online, check in which scenarios the data is being shared through banking apps, and revoke data access at any time. Visa and banks that support data tokens can provide consumers with a new personalized experience — merchants can apply for data authorization when consumers make purchases, thereby providing personalized benefits. With the consumer's consent, Visa issues a private data token to the merchant — providing AI-generated insights based on the consumer's transaction data. This data token can be used in conjunction with the merchant's Al model to provide real-time shopping recommendations. Visa can also transfer data tokens to the consumer's bank to record where the data is being shared, making it easy for consumers to easily view shared scenarios in mobile banking apps and revoke access at their own discretion.

regarding VISA

Visa (NYSE: V) is a leading global digital payments company serving consumers, merchants, financial institutions, and government agencies in more than 200 countries each year. Our mission is to enable individuals, businesses, and economies to thrive by connecting the world through innovative, convenient, reliable, and secure payment networks. We believe that an inclusive economy allows everyone to improve and progress everywhere, and that providing opportunities for all is the foundation for future money circulation. For more information, please visit.