Visa Pay Payments-As-Service Platform Debuts At Annual Forum
At the annual Visa Payments Forum on May 29, covering Centraland Eastern Europe, the Middle East, and Africa, Visa unveiled newproducts and services set to revolutionize the payment cardindustry and cater to the needs of consumers, merchants, andfinancial institutions in these regions.
It was highlighted that payment methods have evolved moredramatically in the past five years than in the previous 50, withthe latest technologies offering a transformative paymentsexperience in areas such as e-commerce, in-store purchases, andseamless money transfers.
Andrew Torre, Visa's Regional President for Central and EasternEurope, the Middle East, and Africa (CEMEA), noted that the growthof digital payments in these regions is accelerating rapidly,changing the way consumers and merchants prefer to pay and receivefunds both online and in-store.
"We're committed to shaping the future of commerce and arethrilled to introduce a next-generation payment experience tailoredfor the digital realm to assist consumers, entrepreneurs, ourclients, and partners. Today, we're unveiling new payment cardfeatures and cutting-edge digital technologies aimed at deliveringa more personalized, convenient, secure, and inclusive future," heemphasized.
Visa also revealed a range of innovative solutions supportingdigital identity, seamless online payments, flexible paymentoptions, enabling electronic payments for micro-entrepreneurs, andenhancing account-to-account payment protection.
"The company introduced Visa Pay, a novel payments-as-a-service(PaaS) platform tailored for the Central and Eastern Europe, MiddleEast, and Africa region. This platform delivers top-tier,mobile-centric digital payments and interoperable remittanceexperiences.
The Visa Pay platform encompasses extensive paymentfunctionalities, providing banks with services for swift deploymentof innovative solutions such as digital issuance, paymentinitiation, tap-to-pay, fraud prevention and risk management, anddigital wallet platforms, among others," the company elaborated ina statement.
To note, Visa Pay serves as a payments-as-a-service platform,empowering banks to swiftly introduce new digital services for bothconsumers and merchants via mobile banking applications,proactively addressing consumers' digital requirements. Theplatform incorporates a range of capabilities, including digitalissuance, payment initiation, tap-to-pay, fraud prevention and riskmanagement, tokenization, wallet platforms, and issuer-partnerpayment processing.
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