Visa Next has launched with a set of beta APIs and development tools to create and test new payment products.

This platform will help the company’s client and partners to create new digital card accounts on demand.

The API’s will offer the immediate capabilities to add newly issued or existing cards to the platform to develop solutions that seamlessly integrate various digital services, the company said.

Additionally, the APIs on the platform will facilitate instant activation and tokenization of digital accounts.

They will also enable the mobile devices of customers for QR or contactless payments using tokens.

Furthermore, the platform will also provide clients transactional data to help them take real-time actions or authorization decisions.

Cardholders can also set spending limits, control card usage by geography or purchase channel and control usage by merchant type using the platform.

Visa senior vice president of global issuer and consumer solutions Sam Shrauger said: “Imagine if parents could instantly create a Visa card on their mobile device and send it to their child’s phone for immediate use, instead of giving them cash for movies, for example. They could also set parameters around where, when, even how long the child can use this card – and adjust these controls at any time via their own mobile device.

“This example is just one of many ways our partners and clients can use this platform. Visa’s innovative tools enable the ecosystem to simplify certain aspects of our everyday lives, giving consumers back the power of managing finances the way it works the best for them.”