Saturday , September 26, 2020

Visa Next Promises Greater Consumer Control of Digital Payments

Visa Inc. announced Monday the debut of Visa Next, a platform for issuers and issuer-processors that enables such options as the ability to create new digital card accounts on demand and instantly activate and tokenize digital accounts for e-commerce and mobile-wallet use.

Visa Next offers a series of application programming interfaces to enable these services. It appears the platform is active now, but other features, such as what Visa calls flexible transaction funding and loyalty and engagement, are coming later this year.

“The platform we are introducing [Monday] will be available to all interested partners and clients via Visa Next,” Visa said in a statement. “The platform houses an initial set of beta APIs, specifications, and development tools for issuers and issuer processors to begin building and beta testing new, digital-first payment products to help meet the future needs of digital-first consumers.”

A short video on the Web site provides an example of how the APIs might be put to use. In it, a daughter wants to go shopping and the father shares access to his Visa card account within his bank app. He can set a time limit and a transaction maximum. He also can get notified of each transaction. The API then sends a notification to the daughter to contact her father to retrieve the access code for the card account. After successfully entering the code, she can then add a payment credential to her mobile device to begin shopping.

Visa would not disclose pricing for the platform.

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