See How The New VISA Updates May Affect You

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Author: King Jones

Visa is the largest card network by transaction value, and it is accepted throughout the world. Whether you purchase in-store, online, by phone, or by mail, the Visa network is one of the best payment channels for smooth and secure transactions. 

Recently, Visa made some changes and improvements to its network to serve more customers and make payments super easy. This post will walk you through some new Visa updates and how they may affect you.

Visa Tap To Phone Innovation

This feature enables merchants to receive payments using their mobile phones. Tap-to-Phone allows sellers to convert their NFC-enabled smartphones into non-contact POS terminals without any extra hardware.

This cost-effective feature is part of Visa’s plan to digitalize 50 million micro, and small-scale businesses. Furthermore, the feature enables companies to unlock the digital economy quickly, avert lost sales, and improve financial performance by acknowledging cashless transactions anywhere and anytime.

In the past few months, the number of businesses employing Tap-to-Phone payment has increased by 200 percent. These are not limited to ventures in Latin America, Europe, the Middle East, Asia Pacific, and Africa.

  • Tap to Phone Effect on Customers

The Tap To Phone feature is ideal for security-conscious consumers who love to make payments on the go. The feature allows users to pay for their purchases without swiping or inputting their card into a POS (Point of Sale).

  • Tap to Phone Effect on Businesses

For businesses, the Tap-to-Phone feature allows business owners to receive payments rapidly while enhancing their businesses with simplified inventory control.

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Visa Creator Program

Visa launched a creator program to assist digital entrepreneurs like artists, filmmakers, musicians, and other creators, in understanding how they can use non-fungible tokens (NFT) to grow their business.  This program is a mentorship class where several creatives will be selected and offered mentorship on NFTs, with exclusive access to crypto and NFT professionals, Visa clientele, and other top business professionals. 

Buy Now, Pay Later

Modern customers want things their way, including the ability to pay for purchases when and how they want. New payment systems are popping up, and layaway is getting more popular. However, the big trend is Buy Now, Pay Later.

Pay in installment is not a good payment option for some businesses, but more sellers are starting to adopt it, especially with card channels like Visa launching their BNPL(Buy Now, Pay Later) system. 

To assist partners in adopting this new payment method, FIS, Moneris, Global Payments, ANZ, CIBC, HSBC, and Scotiabank are rolling out Visa Installments Solution to entrepreneurs on their network.

The program allows financial firms to incorporate BNPL as a customized feature for cardholders on authorized credit lines while allowing customers to buy more and pay comfortably.

Conclusion

As part of its mission to provide secure and convenient payment methods for its users, Visa constantly releases new updates to change shopping experiences for shoppers and business owners alike. The above are a few of the updates on Visa and how they may affect your shopping life. Keep an eye out for more outstanding features from Visa.

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