Visa’s new platform, known as Visa Next, allow issuers and issuer processors to build and test new products.
Visa’s clients and partners can gain access to the recently-launched platform through Visa Next. This is Visa’s website that is promoted as a “new destination” for learning about and using new solutions in the payment player’s ongoing pipeline.
The platform has beta application programming interfaces (APIs) that will help those within the Visa ecosystem create digital cards on demand and add digital services. Activating and tokenizing other digital accounts across various mobile payment wallets can occur via the company’s digital accounts.
The goal of the platform is to embrace the digital-first mindset by providing new ways to manage money and pay electronically and on demand. Most importantly, the platform gives providers opportunities to create end-user experiences that their consumers will appreciate most.
Benefits of the New Platform
The platform provides a way for all players to use fintech capabilities without needing a lot of new technology or being very tech savvy. Its integration layers allow banks and others in the payment industry with a way to separate themselves among their competitors.
It also is effortless to use and implement because users simply plug it in and offer services, such as configuration to device provisioning or card issuance. It’s even more secure because personal data doesn’t have to stay in their systems. Instead, it creates and gives out tokenized payment information in real time.
The Platform Also Can Eliminate Cross Border Wallet Limitations and Cash Use
New use cases can develop as consumers manage a host of financial activities thanks to the functionalities embedded in the APIs. For example, parents could create a Visa card link to an existing account on a smartphone and send it to their college student’s account, giving the person a limited amount of money to spend, as well as restrict where the account can be used. It eliminates the need to provide cash and also prevents a student from running up a parent’s credit card.
The platform also may be embraced by people who travel internationally. For example, many people in Asia have smartphones and rely heavily on mobile wallets. However, the wallets only allow them to pay for things within the country where they live and the app is based.
With this platform, users can transfer wallet balances onto a digital Visa card. With the digital card, they could digitally pay for goods and services across 200 countries and territories and at whatever stores accept Visa.
In the future, Visa plans to offers other beta APIs that focus on incentives, rewards, loyalty, and new transaction controls.
Visa’s platform offers another way to drive up the use of mobile wallets and cashless payments. When consumers can see the benefits of using these platforms, more will seek them out and use them. Find the next new thing is the only way that credit card companies, more traditional financial institutions, and issuer processors will continue to stay relevant in a world that, in many ways, is embracing financial technology companies and their capabilities.
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