BAKU, Azerbaijan, May 29. Visa has introduced Visa Pay, a Payments-as-a-Service (PaaS) platform, Trend reports.
At the annual Visa Payments Forum on May 29, covering Central and Eastern Europe, the Middle East, and Africa, Visa unveiled new products and services set to revolutionize the payment card industry and cater to the needs of consumers, merchants, and financial institutions in these regions.
It was highlighted that payment methods have evolved more dramatically in the past five years than in the previous 50, with the latest technologies offering a transformative payments experience in areas such as e-commerce, in-store purchases, and seamless money transfers.
Andrew Torre, Visa's Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), noted that the growth of digital payments in these regions is accelerating rapidly, changing the way consumers and merchants prefer to pay and receive funds both online and in-store.
"We're committed to shaping the future of commerce and are thrilled to introduce a next-generation payment experience tailored for the digital realm to assist consumers, entrepreneurs, our clients, and partners. Today, we're unveiling new payment card features and cutting-edge digital technologies aimed at delivering a more personalized, convenient, secure, and inclusive future," he emphasized.
Visa also revealed a range of innovative solutions supporting digital identity, seamless online payments, flexible payment options, enabling electronic payments for micro-entrepreneurs, and enhancing account-to-account payment protection.
"The company introduced Visa Pay, a novel payments-as-a-service (PaaS) platform tailored for the Central and Eastern Europe, Middle East, and Africa region. This platform delivers top-tier, mobile-centric digital payments and interoperable remittance experiences.
The Visa Pay platform encompasses extensive payment functionalities, providing banks with services for swift deployment of innovative solutions such as digital issuance, payment initiation, tap-to-pay, fraud prevention and risk management, and digital wallet platforms, among others," the company elaborated in a statement.
To note, Visa Pay serves as a payments-as-a-service platform, empowering banks to swiftly introduce new digital services for both consumers and merchants via mobile banking applications, proactively addressing consumers' digital requirements. The platform incorporates a range of capabilities, including digital issuance, payment initiation, tap-to-pay, fraud prevention and risk management, tokenization, wallet platforms, and issuer-partner payment processing.
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