Visa launches new products to boost flexibility, security in APAC

It also partnered with QR payment providers across the region for cross-border payments.

Visa has introduced several new products and services aimed at enhancing payment flexibility and security in Asia Pacific.

One key offering is the Flexible Credential, which allows users to switch between payment methods, such as debit, credit, instalments, or reward points, using a single Visa card, enabling consumers to tailor their payment preferences.

Visa has also launched Visa Payment Passkey, which uses biometric authentication, such as facial recognition or fingerprints, for online transactions. This technology replaces traditional passwords and one-time codes, enhancing security, and streamlining the payment process.

Additionally, the Click to Pay service allows consumers to quickly complete online purchases using their registered email, phone number, or Visa Payment Passkey.

Further expanding its tokenisation infrastructure, Visa is introducing Visa data tokens, enabling users to control their data whilst enjoying artificial intelligence-driven personalised shopping experiences. Merchants can use these tokens to deliver real-time recommendations, whilst users can manage their data through their banking apps.

To combat fraud, Visa Protect for Account-to-Account Payments offers real-time fraud prevention for immediate transactions, including peer-to-peer digital wallets and QR payments. This AI-powered tool evaluates up to 500 risk factors to provide instant risk scores for financial institutions, helping to prevent fraudulent activities.

Visa has also partnered with QR payment providers across the region, such as Lakala in China, Touch ’n Go Digital in Malaysia, and FOMO Pay in Singapore, to facilitate cross-border payments. Other providers include LINE Pay in Taiwan, VNPay, and Zalopay in Vietnam.

This initiative enables consumers to use local payment apps for purchases abroad and reflects the rising popularity of QR payments, which Visa’s study found to be the second most preferred payment method in Southeast Asia after card payments. A pilot programme will commence in visa, with further regional rollouts planned for next year.