Visa Next

2019: Start of the Visa Next platform

On May 7, 2019 Visa submitted the platform with a set of betas of API, specifications and tools for development for emitting banks and their processing centers. Possibilities of the platform will allow to create and beta to test the payment products created for the consumers who are actively using digital technologies. Clients and partners of the company will be able to get access to the Visa Next platform and to use new solutions from Visa product line.

According to the developer, a set of betas of API will help clients and partners of Visa with creation of convenient methods of use and control of means in a digital medium. Available betas of API will have the following functionality:

• Creation of new digital maps on demand
• An opportunity to add the new or existing cards on the platform for creation of solutions which will easily integrate several digital services of Visa
• Instant activation and tokenization of digital accounts for payments online and uses of mobile purses
• Connection on the mobile device of the consumer of functionality for contactless or QR payments using tokens
• Providing to clients expanded transaction data on transactions in real time or solutions on authorization and also notifications about perfect purchases for the card holder
• Setup of rules/restrictions on use of digital maps:
  • Inclusion/shutdown of control of transactions at any time
  • Installation of dynamic transactions or limits of expenses
  • Control of transactions on the channel of purchase or on geographical sign
  • Control of transactions on type of the seller

• Release of additional cards to digital maps and access control to means in real time
  • Settings of independent management of means for shared digital maps

"Provide that instead of every time to give cash to the child on a visit of cinema, parents will be able to create for several seconds the digital map of Visa on the mobile device and to send it to phone of the child that that could use it at once. Parents will be able to set the parameters defining where when and what is the time the child can use this map and change these settings at any time via own mobile device. It is one of examples of how partners and clients of Visa will be able to use this platform. The innovation Visa tools allow to simplify processes in everyday life, giving to consumers an opportunity to manage finance as it is convenient to them". Sam Shrauger, the senior vice president for global solutions for banks and consumers in Visa

Besides, many consumers in Asia, for example, use the e-wallet with a large number of annexes which are adopted only within their countries. Thanks to the Visa Next platform partners of Visa can give to the clients an opportunity using the mobile device to transfer balance of funds from the purse to the digital map of Visa and to make transactions in outlets where Visa is accepted. Possibilities of the platform will also allow to configure control of the card, payment by one movement and notifications on transactions for consumers, claim in Visa.

"Consumers got used to configure work of numerous digital services under themselves, and Visa should give the chance to do the same with the finance. We help to understand how use of money during an era of digital technologies changed, and with Visa Next we offer services for partners and clients who want to provide generation of digital-first of payment products for consumers around the world". Sam Shrauger, the senior vice president for global solutions for banks and consumers in Visa

According to the statement of the developer, Visa Next will also allow to create the interoperable and customized solutions for those consumers which actively use digital technologies. During 2019 additional betas of API for setup of programs of loyalty and discounts and also transaction management setup will be released.