April 22, Visa Inc. unveiled its new Visa Next platform with application programming interfaces (APIs), due to which issuers and issuer processors will be able to build and test new digital products.
Given all the changes that have occurred in the industry in recent years, such a switch to digital priorities is quite logical. According to company representatives, customers should be able to use more convenient ways to manage their own funds and carry out digital operations.
According to Sam Shrauger, SVP of digital products at Visa, the new platform provides integration levels that allow fintech companies, banks, and others to enjoy the benefits of digitalization without making any serious effort.
Now companies can connect and offer their customers various services, including issuing cards. In addition, the platform allows you to create and distribute accounting data in real time.
What does this mean for Visa users?
It should be noted that such opportunities allow offering new cases of managing various types of financial activities.
For example, parents will be able to create a Visa card linked to a child’s card. As a result, the child can safely manage the money of the parents, while the latter will fully control this process through the smartphone and, if necessary, limit costs.
Also, new features will be in demand for travelers. They will be able to carry out digital transactions in 200 countries by transferring the balance to a Visa digital card.
As for the company’s future plans, Shrauger noted that they are going to introduce additional APIs touching on loyalty, as well as new ways of managing transactions.
But what they’re definitely not going to work on anymore is “another piece of plastic.” According to the company, the modern digital world no longer needs it.
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