Visa has launched a new service that will enable cardholders to monitor and control how, where, and when their Visa credit, debit, and prepaid accounts can be used.
The new Visa Consumer Transaction Controls enables account holders to set simple, convenient, effective spending controls, transaction alerts, and to even temporarily suspend their accounts using a on/off feature.
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The platform, which allows Visa user to take quick action to protect their card from security threats and fraud, also enables Visa issuers to offer cardholders a range of transaction controls that can be customized to meet specific needs.
Through this platform, families or businesses can also fix individual controls or set alerts for primary cards as well as companion cards, which are provide to family members or employees, Visa said.
Visa’s new services can be accessed through mobile banking application, mobile wallet and website.
It also enables financial institutions to integrate transaction controls into their mobile banking applications using an application programming interface (API), which helps in streamlining integration into existing bank systems.
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By GlobalDataVisa said that its APIs are available at its newly launched Visa Developer platform that allows financial institutions to access Visa’s payment technologies, products and services.
Additionally, the new platform also supports Visa’s other security tools such as predictive analytics, EMV chip technology, biometric authentication, threat intelligence, and mobile location information.
Visa senior vice president of risk products and business intelligence Mark Nelsen said: "With new digital commerce experiences emerging daily, it’s important that we provide easy and convenient ways for consumers to direct and monitor how their accounts are used and help better secure the payment system."
