Visa is set to introduce new capabilities that will help financial institutions to provide enhanced digital card management experiences to their customers.
The capabilities can be shared by the issuing partners with their cardholders through their online and mobile banking channels.
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Upon completion of deployment, the new capabilities will allow issuers to provide their Visa cardholders greater control and insight over how they pay, where they pay and who can pay using a digital version of their Visa card.
The new tools will tap the Visa Token Service (VTS), which substitutes the 16-digit account number, expiry date and security code with a unique identifier that allows shoppers to pay without revealing their account details.
The new feature enables Visa cardholders to add their card to digital wallets, card-on-file merchants, e-commerce enablers and Internet of Things (IoT) providers without going through the process of signing-up for each participating services individually.
Additionally, users can also log into their bank’s mobile app and link their new card to a digital wallet before they even receive their physical card in the mail.
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By GlobalDataFurthermore, an issuer may pair the Visa Network Hub Push Provisioning with Consumer Transaction Controls to create new experiences for cardholders. For instance, issuers can provide cardholders the ability to give restricted card access to another user via a digital wallet, card-on-file merchant, e-commerce enabler and IoT provider.
Visa said that the new capabilities will be available to issuers in the US and Australia in 2018.
