Visa introduces new AI technology for safer payments

Visa has launched new AI-powered solutions that integrate all payment methods in one place, protected by biometric authentication, which could make physical credit cards and card numbers redundant.

A new era for payments

Visa has unveiled new technology that will bring together all payment methods, such as credit cards, bank accounts and payment services, in one place. This solution, which is enhanced with biometric authentication, could soon mean that physical cards and card numbers will soon be history.

– The industry is at a tipping point – new technologies such as generative AI is rapidly changing how we shop and manage our finances,” says Jack Forestell, Chief Product and Strategy Officer at Visa. Show

Advanced payment solutions

Visa has also launched a range of new payment technologies aimed at revolutionising how payments are made and managed. Within the next ten years, users are expected to be able to access all their payment methods with a single digital ID, including credit cards, debit cards, buy now-pay later options and direct payments from bank accounts. Buy now, pay later – Klarna

Protection against digital fraud

With the launch of Visa Payment Passkey, the company hopes to combat digital fraud and prevent unauthorized payments. According to Visa, fraud occurs seven times more often digitally than in person. By using biometric data such as facial or fingerprint scanning for online purchases, unauthorized payments can be prevented.

“Biometric confirmation is much harder to compromise,” says James Mirfin, SVP, Global Head of Risk and Identity Solutions at Visa. Show Payment Passkey

Expansion of contactless payments

Visa is also expanding its contactless payment capabilities. The new technology allows users to add their cards to digital wallets by simply holding the card against a smart device. Additionally, cards can be used to confirm transactions by simply tapping the phone, without having to enter any additional information. Contactless payments - Wikipedia