Fintech
Fintech Nexus Newsletter (May 16, 2024): Important announcements from Visa on the future of card payments
Visa is hosting its annual Visa Payments Forum in San Francisco this week, and there were some big ones yesterday ads. Some call it the most important thing in card payments after the card chip.
Here is a summary of the main announcements:
- Access keys – confirm the consumer’s identity and authorize online payments with fingerprint or facial scan.
- Flexible Visa credential – combine multiple credit and debit cards from a bank into one physical card and switch between them as needed.
- Touch for everything – Hold your card close to your phone to perform a variety of new tasks such as entering payment information, authentication and P2P payments.
- Pay via bank – partner with Dwolla to bring bank payment to the masses.
- Visa Protect for A2A payments – bring all their experience in account-to-account payment fraud to the RTP networks.
- Data tokens – consumers can see where their data is being shared and revoke access from within their banking app.
There’s a lot to unpack here, so for a quick first look, I recommend reading Simon Taylor’s I had to say on X early today. PYMNTS also had a interview with a senior Visa executive worth listening to.
While some fintech companies have been offering some of these features for years, bringing them to the network level will improve the payments experience for everyone. I can’t wait to see these features implemented.
In the foreground
> The changes to Visa mean Americans will carry fewer physical credit and debit cards in their wallets
Visa has announced major changes to the way its credit and debit cards will work in the United States. The changes in the pipeline will lead Americans to carry fewer physical cards in their wallets and to make their credit or debit card number more frequent than 16 digits printed on every irrelevant physical card.
From the Fintech Nexus
> In the era of strict regulation, digitalization can become a magic wand for banks
By Roman Eloshvili
In an era where regulatory scrutiny on the banking sector intensifies day by day, digitalization emerges not just as a solution but as a tool for transformation.
> Digital channels are the main hotbed of fraud in Latin America, a study by LexisNexis and Forrester has revealed
By David Felice
Digital channels account for 51% of fraud losses, according to a study by Forrester Research and LexisNexis methodology.
Podcasts
Caleb Avery, founder and CEO of Tilled, talks about building a PayFac-as-a-Service
In today’s world of integrated payments, any software company (ISV) can generate revenue from payment processing. PayFac-as-a-Service…
Editorial cartoon
Web seminar
Identity verification strategies in a world of deepfakes and artificial intelligence
May 22, 2pm EDT
With the rapid proliferation of deepfakes and advances in artificial intelligence, companies face new challenges in verifying identities…
Also make news
- Global: Could ISO 20022 data-rich messaging drive AI innovation?
The best and longest-lasting innovations are those that generate other innovations. That’s because innovation rarely happens in isolation. The strongest drives for progress often rely on existing knowledge, technology or infrastructure.
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.
-
Peter Renton is president and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and is the author and creator of the Individual fintech podcastthe first and longest running fintech interview series.