Visa Inc. released a new set of beta-API’s under a payments platform called Visa Next that it says will help reimagine how consumers can access and manage their funds.
The API’s will offer the immediate capabilities to transform the following capabilities:
- Create new on-demand digital payment accounts that seamlessly combine multiple digital services from Visa
- Add newly issued or existing cards to the platform
- Instantly activate and tokenize digital accounts for e-commerce or mobile wallets
- Enable a consumer’s mobile device for contactless or QR payments using tokens
- Deliver detailed transaction data for real-time transactions or authorization decisions
- Configure specific rules around transactions, for example spending limits, merchant type, purchase channel or geographic boundaries.
- Share digital companion cards or control access in real time
“Imagine if parents could instantly create a Visa card on their mobile device and send it to their child’s phone for immediate use, instead of giving them cash for movies, for example,” Sam Shrauger, senior vice president, global issuer and consumer solutions, Visa said in the announcement.
Another example would be if consumers in Asia have a super-app wallet that just operates within a single country, there could be a new app that allows Visa partners to turn that wallet into a Visa card that operates into a digital payment card on their mobile device, operating across more than 200 different countries.
Date: April 25, 2019
Source: Mobile Payments Today