Visa unveils a new platform for digital payment tools and products

Visa opens door to digital-first payment experiences through Visa Next

contactless payments

Visa unveils a new platform for digital payment tools and products. Source: shutterstock.com

Visa 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 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 the 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

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.

SEE ALSO: What is KYC and why do businesses need it

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