A flexible payment feature was announced by VISA rolling out in the US and the UAE. It starts to bid for capitalizing on the growing demand for a variety of transaction options. This “flexible credential” feature, previously available in Hong Kong, Japan, the Philippines, Singapore, Thailand and Vietnam.
Customers Convenience :
Reuters reported, the payments processor said: lets customers use a single card to pay from different funding sources.
Customer convenience and flexibility is the first priority in payments, especially as e-commerce flourishes. It prompted companies to take proactive steps to maintain their edge in an industry being reshaped by digital obstruction. A study of Visa card users reports that 51 per cent of users want the ability to access multiple accounts and funding sources through a single credential. Odysseas Papadimitriou, CEO of personal finance firm WalletHub said, “Most people think of their finances on a month-to-month basis. Breaking down the cost of an item helps people with their financial decisions and allows retailers to sell more,”
Visa has partnered with Liv Bank for the UAE rollout, while the card processor has teamed with the fintech company Affirm for the US rollout. Visa’s Global head of consumer products, Mark Nelsen said, ‘Visa plans to expand the feature into Europe in the coming months.’ The partnership with Affirm also helps the growing bond between fintechs and traditional financial companies.
Such collaborations can allow both parties to unlock new revenue streams, while typically viewed as competitors.
Nelsen further said,“It’s a little bit easier for the fintechs to get started on this. But as the ecosystem matures, you’ll see some legacy banks start to take advantage of it as well,”
The fintech company Affirm CEO Max Levchin said the company was looking to bring more people a product “that seamlessly brings debit and credit together, without late or hidden fees”.
