Visa Flexible Credential Goes Global: Transforming the Card for a Digital Future
Visa announces global expansion of its Flexible Credential technology, allowing users to access multiple payment sources from a single card. The rollout includes partnerships with Affirm in the U.S. and Liv in the UAE. Affirm Card, currently used by over 1.4 million U.S. consumers, enables both immediate payments and buy-now-pay-later options. Liv's implementation focuses on multi-currency functionality, supporting five major currencies. In Japan, the Olive card partnership with SMCC has reached over 3 million cardholders, with 70% of users utilizing multiple funding sources.
Visa annuncia l'espansione globale della sua tecnologia Flexible Credential, che consente agli utenti di accedere a più fonti di pagamento da un'unica carta. Il lancio include partnership con Affirm negli Stati Uniti e Liv negli Emirati Arabi Uniti. La Affirm Card, attualmente utilizzata da oltre 1,4 milioni di consumatori statunitensi, consente sia pagamenti immediati che opzioni di pagamento rateale. L'implementazione di Liv si concentra sulla funzionalità multi-valuta, supportando cinque valute principali. In Giappone, la partnership della Olive Card con SMCC ha raggiunto oltre 3 milioni di titolari di carta, con il 70% degli utenti che utilizza più fonti di finanziamento.
Visa anuncia la expansión global de su tecnología Flexible Credential, lo que permite a los usuarios acceder a múltiples fuentes de pago desde una única tarjeta. El lanzamiento incluye asociaciones con Affirm en EE. UU. y Liv en los EAU. La Affirm Card, actualmente utilizada por más de 1.4 millones de consumidores estadounidenses, permite tanto pagos inmediatos como opciones de compra ahora y pagar después. La implementación de Liv se centra en la funcionalidad multimoneda, admitiendo cinco monedas principales. En Japón, la asociación de la Olive Card con SMCC ha alcanzado a más de 3 millones de titulares de tarjetas, con el 70% de los usuarios utilizando múltiples fuentes de financiación.
비자는 사용자가 단일 카드로 여러 결제 소스에 접근할 수 있도록 하는 Flexible Credential 기술의 글로벌 확장을 발표했습니다. 이번 롤아웃은 미국의 Affirm 및 아랍에미리트의 Liv와의 파트너십을 포함합니다. 현재 140만 명 이상의 미국 소비자가 사용하고 있는 Affirm Card는 즉시 결제 및 나중에 결제 옵션을 모두 허용합니다. Liv의 구현은 다중 통화 기능에 중점을 두고 있으며, 5개 주요 통화를 지원합니다. 일본에서는 SMCC와의 Olive Card 파트너십이 300만 명 이상의 카드 소지자에게 도달했으며, 사용자 중 70%는 여러 자금을 이용하고 있습니다.
Visa annonce une expansion mondiale de sa technologie Flexible Credential, permettant aux utilisateurs d'accéder à plusieurs sources de paiement à partir d'une seule carte. Le déploiement inclut des partenariats avec Affirm aux États-Unis et Liv aux Émirats Arabes Unis. La Affirm Card, actuellement utilisée par plus de 1,4 million de consommateurs américains, permet à la fois des paiements immédiats et des options de paiement différé. La mise en œuvre de Liv se concentre sur la fonctionnalité multi-devises, prenant en charge cinq devises principales. Au Japon, le partenariat de la Olive Card avec SMCC a atteint plus de 3 millions de détenteurs de cartes, avec 70 % des utilisateurs utilisant plusieurs sources de financement.
Visa kündigt die globale Expansion seiner Flexible Credential-Technologie an, die es Nutzern ermöglicht, von einer einzigen Karte auf mehrere Zahlungsquellen zuzugreifen. Das Rollout beinhaltet Partnerschaften mit Affirm in den USA und Liv in den VAE. Die Affirm Card, die derzeit von über 1,4 Millionen Verbrauchern in den USA genutzt wird, ermöglicht sowohl sofortige Zahlungen als auch die Option, jetzt zu kaufen und später zu bezahlen. Die Implementierung von Liv konzentriert sich auf die Funktionalität mit mehreren Währungen und unterstützt fünf Hauptwährungen. In Japan hat die Partnerschaft der Olive Card mit SMCC über 3 Millionen Karteninhaber erreicht, wobei 70 % der Nutzer mehrere Finanzierungsquellen nutzen.
- Affirm Card has reached 1.4 million users in the U.S.
- Olive card in Japan achieved 3 million cardholders
- 70% of Olive cardholders actively use multiple funding sources
- Expansion into new markets (U.S. and UAE)
- None.
Insights
The global expansion of Visa's Flexible Credential marks a significant strategic advancement in payment technology, particularly impacting Visa's competitive position in the digital payments landscape. The partnership with Affirm, reaching 1.4 million U.S. consumers, represents substantial market penetration and revenue potential. The multi-currency functionality through UAE's Liv bank addresses a growing cross-border payment market, while the success in Japan with 3 million Olive cardholders demonstrates strong product-market fit.
This technology effectively positions Visa to capture increased transaction volume and fees through enhanced payment flexibility. The 70% adoption rate for multiple funding sources in Japan indicates strong user engagement and potential revenue growth. The expansion into small business services through SMCC creates additional revenue streams in the lucrative B2B payments sector.
The strategic timing of this expansion aligns with evolving consumer demands for payment flexibility and cross-border capabilities. The UAE market selection is particularly noteworthy given its position as one of Visa's fastest-growing cross-border markets. The integration with Affirm's BNPL service capitalizes on the rapidly expanding alternative lending sector, while the multi-currency feature addresses the growing needs of international travelers and cross-border shoppers.
The successful adoption in Japan serves as a strong proof of concept, suggesting similar potential in other markets. The small business feature addresses a important market gap in business-personal account management, potentially driving significant adoption among SMEs globally.
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First in the
U.S. , Visa Flexible Credential will roll out with the Affirm Card, a debit card that allows eligible consumers to easily buy now and pay later right from the Affirm app -
UAE -based Liv, the first digital bank in MENA to debut Visa Flexible Credential, allows frequent travelers access to multiple currency accounts from one card, making cross-border payments simpler than ever -
New flexible payments experiences debuted at Web Summit in
Lisbon
“The Visa Flexible Credential all started with a simple idea that consumers should easily be able to choose how they want to pay,” said Jack Forestell, Chief Product and Strategy Officer, Visa. “Working with innovative partners like Affirm, Liv and SMCC helps us turn that idea into a reality. Together we’re enabling more ways to pay and adapting to the unique needs of consumers – wherever they are in the world, or in their financial journey.”
Giving people control over their financial future
Affirm is the first company to leverage Visa’s next-generation credential for its
“We’re excited about the partnership we’ve formed with Visa,” said Max Levchin, CEO of Affirm. “Since our founding, our mission has remained the same — build honest financial products that improve lives. Part of building better financial products also means giving consumers more control and flexibility, which has always been a key feature of the new Affirm Card. We look forward to bringing millions more people a product that seamlessly brings debit and credit together, without late or hidden fees.”
The Affirm Card offers consumers a product with the flexibility to pay now or pay over time. Affirm Card users can pay in full anywhere Visa is accepted or request to pay over time for their purchase in the Affirm app. The Affirm Card is currently used by over 1.4 million consumers in the
Making cross-border payments simple
Liv, the UAE’s first and largest digital bank launched by Emirates NBD, is introducing a new way to flex, letting people access multiple currency accounts from a single card. Recent Visa data shows that cross-border outbound volumes from the
The Flexible Credential will make regular spending in different currencies more transparent for consumers and will enable banks to accelerate the launch of a multi-currency proposition to their customers.
The Visa Flexible Credential works by automatically routing the transaction to the account with the appropriate transaction currency, whether someone is paying online or in-store. Using a mobile app, cardholders can easily move money between local and foreign currency accounts, making sure they have the funds to make a purchase.
The offering will be available to new and existing Liv customers and support five of the most popular currencies used, including:
“At Liv we stay true to our promise of providing the most innovative products to our customers,” said Pedro Sousa Cardoso, Chief Digital Officer, Retail Banking and Wealth Management, Emirates NBD. “As the UAE’s first digital bank, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better serves their evolving financial needs.”
Helping small businesses uncomplicate their finances
Since debuting the Olive card in
Visa and SMCC have also introduced a new flexible feature designed specifically to help small businesses access credit and unlock cash flow. Now, small businesses can switch between business and personal accounts easily from the same Olive card.
Visa will continue to test the small business feature in
The Flexible Credential gives consumers more choice and control over their finances. It also allows financial institutions – whether a bank or fintech – to establish deeper relationships and provide better solutions based on the individual needs of their customers.
Visa continues to work with its partners to bring the next generation of payments to more consumers around the world.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
The Affirm Card is a Visa® debit card issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa
1 Visa data for the twelve months ended September 30, 2024
2 VisaNet transaction data Mar 2023 – Sep 2024
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112887047/en/
Media Contact
Conor Febos, Visa
Press@Visa.com
Source: Visa Inc.
FAQ
What is Visa's Flexible Credential technology and how does it work?
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Which currencies does Liv's Visa Flexible Credential support?
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