visa Cardholders will soon be able to agree to share their data with retailers using a new “data token” as Visa seeks to remain competitive in an increasingly crowded and digital market. Become.
The token, expected to be rolled out by Visa and participating banks as early as this year, will allow businesses to ask for customer consent to get personalized offers in real-time while shopping. AI generated Insights based on Visa transaction data announced on Wednesday At the annual Visa Payments Forum in San Francisco.
Banks also receive tokens that indicate where a customer's data is being shared and display it on their mobile app, allowing people to decide whether to continue sharing their data with that merchant or revoke access. It will look like this.
“The industry is at a critical moment. New technologies like Gen AI are rapidly changing the way we shop and manage our finances,” Jack Forestell, Visa's chief product strategy officer, said in a statement. Ta.
The move is part of a recent trend toward open banking among card providers and financial institutions. As payments become more interconnected and digital across the space, open banking allows people to share transaction data with non-bank institutions, including retailers. Mastercard, Visa's biggest competitor, get finicity Founded in November 2020 as part of a growing practice expansion.
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Founded in 1958, Visa is trying to differentiate itself from more modern, digitally savvy fintech rivals like Stripe and Plaid.visas are still the world's largest credit card issuerthere are 4.3 billion cards worldwide and over 2.9 billion debit cards in circulation worldwide.
Visa on Wednesday announced a series of new “truly digitally native payment card” products that Forestel said will “lead consumers to a more customized, convenient and secure future.”
These include a new Passkey service that uses facial recognition or fingerprint technology to verify a customer's identity and authorize online payments, replacing passwords and one-time codes. Forestel said Passkey “represents a major paradigm shift in the industry because it allows you to verify your identity without interrupting the checkout experience.” According to the company, the security layer for online payments has also been further strengthened, with the number of reported fraudulent activities for online payments being seven times higher than for in-person payments.
It also said it would introduce expanded tap-to-pay options, including the ability to turn any device into a POS.
