Digital payments giant Visa has unveiled a new platform dubbed Visa Next to help transform the way consumers access, manage and control their money.
Visa Next features a set of beta APIs, development tools and specifications for issuers and issuer processors. The platform can be used for building and beta testing new payment products to help address the future requirements of digital-first consumers, said Visa.
The company said that the first set of beta APIs on the platform will assist its clients and partners create new ways for individuals to handle their money.
The APIs will enable Visa’s clients to create new digital card accounts on demand and add newly-issued or existing cards to the platform to develop solutions that seamlessly integrate various Visa digital services.
Furthermore, the APIs on the platform will help in instant activation and tokenization of digital accounts for use in ecommerce and also in mobile wallets.
Visa also expects the APIs set to enable the mobile devices of customers for QR or contactless payments using tokens and also for delivering rich transaction data to clients for real-time actions or authorization decisions, and transaction alerts to cardholders.
The new platform, through its APIs, can also help issuers and issuer processors configure rules or limitations regarding use of digital cards. Some of the functionalities that can be enabled are turning on or off of transaction controls at any given time, defining dynamic transaction or spending limits, control usage by purchase channel, geography, merchant type, merchant, along with other features.
Visa Next is expected to pave way for the creation of globally interoperable and customized solutions for digital-first individuals across the world, said the company.
During the course of the year, the platform is expected to roll out additional beta APIs including loyalty, rewards, benefits and new transaction controls.
Visa global issuer and consumer solutions SVP Sam Shrauger said: “In an era where consumers expect to configure and control digital experiences to match their specific needs, Visa should empower them to do the same with their money.
“By helping re-imagine how money is used in a digital age and by making new services available through Visa Next, we are going to unlock new ways for partners and clients to interact with Visa and bring to life the next generation of digital-first payments products to meet those unique needs of consumers worldwide.”