Visa prioritises digital products with Visa Next
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Visa prioritises digital products with Visa Next

Cashless transaction giant Visa has created a new platform that will let “issuers and issuer processors […] begin building and bet testing new payment products to help meet the needs of digital-first consumers,” according to a press release. The platform will be accessible through Visa Next, the company’s “new destination” for partners and clients looking to access solutions in Visa’s product pipeline.

Visa’s share price has appreciated by 23% year to date

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Source: Yahoo Finance

A host of beta Application Programming Interfaces (APIs – tools for building software) will be available from the get-go, and they will give users access to some pretty interesting functionality. Some of the capabilities on offer (that are listed in Visa’s press release) include the ability to “create new digital card accounts on demand […] instantly activate and tokenize digital accounts for use in ecommerce and in mobile wallets […] share digital companion cards and control access in real time,” and much more.

Sam Shrauger, Visa’s senior vice president of global issuer and customer solutions, highlighted the innovative power of the platform, saying: “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.”

“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.”

As payment technology continues to increase at breakneck speed, Visa is working hard not just to not get left behind, but to take the lead. Shrauger continued: “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. 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.”

Disclosure

Dominion holds Visa in its Global Trends Ecommerce Fund.


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