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Visa has 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 consumers. The offering will be available to customers and partners via Visa Next, a new destination for accessing solutions in Visa’s product pipeline.
The offering will enable customers to create digital card accounts on demand, add newly-issued or existing cards to the platform, and instantly activate and tokenize digital accounts for use in ecommerce and mobile wallets. The platform will also enable mobile devices to make contactless or QR payments using tokens, deliver transaction data to clients and purchase alerts to the cardholder, and share digital companion cards.
Sam Shrauger, SVP of Global Issuer and Consumer Solutions for Visa, says, “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.”
He continues, “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.”
With the new set of capabilities, Visa’s clients and partners can give its customers an option to turn their wallet balance into a digital Visa card on their mobile devices and begin transacting in over 200 countries and territories at 53.9 million merchant locations where Visa is accepted. 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,” says 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.”
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