- Visa introduced new payment innovations its annual Payments Forum for Central and Eastern Europe, Middle East, and Africa (CEMEA).
- Among the new innovations is a solution for online payment fraud called the Payment Passkey.
- Visa Passkeys will replace the need for passwords or one-time codes.
Visa recently held its Payments Forum for Central and Eastern Europe, Middle East, and Africa (CEMEA) where the company introduced new features aimed at more secure and seamless transiting.
One of these innovations is called Payment Passkeys, and as the name suggests, they are designed to help address the rise in online payment fraud. This as online payment fraud is seven times higher than in-person payments, Visa shared.
“Built on the latest Fast Identity Online (FIDO) standards, the Visa Payment Passkey Service confirms a consumer’s identity and authorizes online payments with a quick scan of their biometrics like a face or fingerprint. When shopping online, Visa passkeys replace the need for passwords or one-time codes, enabling more streamlined, secure transactions,” the company explained in a press release sent to Hypertext.
“Visa Payment Passkey confirms identity without interrupting the checkout experience, and increases security while reducing friction when you pay online, across any device or website, globally,” it added.
At the time of writing, it is unclear how quickly features like Payment Passkey will be adopted in the region, but they are designed to tackle the ever evolving payment landscape that has been in a state of flux in recent years.
“In addition, Visa is announcing Visa Pay, a new payments-as-a-service platform that provides world-class mobile-first experiences for digital payments and interoperable send-and-receive that has been developed for the Central and Eastern Europe, Middle East and Africa region,” the company.
“The Visa Pay platform brings together extensive payment capabilities and provides a range of services for banks to quickly deploy new innovative solutions including digital issuance, payment initiation, tap-to-pay, fraud and risk management, wallet platforms, and more,” it unpacked regarding the feature.
Along with the above two features, Visa has also unveiled Flexible Credential which is a single card product to toggle between payment methods, new ways to allow digital payments to physical cards and virtual credentials via Nano Merchant Acceptance, and Visa Protect for A2A (Account-to-Account) Payments to help mitigate fraud.
