#Japan #Visa #Tokyo #Payments #AI Commerce

The Future of Commerce with Visa Asia Pacific

Recently, Visa Asia Pacific hosted a Media Showcase, revealing a series of product innovations and strategic partnerships aimed at shaping the future of commerce in the region. Global payment technology leader Visa aims to enhance flexible and secure services in the Asia Pacific by leveraging its strengths in digital payment innovations.

Jack Forestell, Visa's Chief Product and Strategy Officer, emphasized the company's commitment to transforming commerce with new products and solutions that incorporate AI technologies. These innovations are designed to provide consumers with a superior and secure payment experience across the Asia Pacific region. As AI agents become more prevalent in assisting users with product discovery, selection, acquisition, and management, the importance of secure payment methods will only continue to grow.

At the heart of today's announcement is Visa Intelligent Commerce, a new initiative that opens up Visa’s payment network to developers and engineers to build a first-generation AI commerce ecosystem tailored for the Asia Pacific. Collaborations with major players like Ant International, Grab, and Tencent aim to deliver AI-driven solutions that facilitate safe and seamless checkout experiences for digital commerce.

Visa Intelligent Commerce comprises a suite of integrated APIs and commercial partner programs on an AI platform, enabling developers to securely and efficiently scale Visa’s AI commerce capabilities. This interconnected approach encourages partnerships that equip local firms, including fintech organizations and card issuing banks, with the tools needed to connect with Visa’s infrastructure seamlessly.

For over 25 years, Visa’s global network has facilitated an impressive 3.3 trillion transactions. The company is now focusing on enhancing its infrastructure, standards, and functionalities to realize AI-powered commerce, thereby creating new opportunities for consumers throughout the Asia Pacific.

T.R. Ramachandran, Visa’s Asia Pacific product solutions leader, shared insights on the potential applications of AI agents in commerce. Not only will these agents handle routine tasks like grocery orders, but they will also facilitate more complex transactions, including event ticketing and travel arrangements. By combining Visa’s reliable payment infrastructure with AI capabilities, Visa promises consumers, merchants, and businesses a more seamless, secure, and enjoyable experience.

New Products and Features for the Asia Pacific Region

Visa is actively expanding its product portfolio in response to the shifting payment needs of consumers and businesses in the Asia Pacific. Recent innovations include:

Stablecoins and Seamless Transactions

Visa has been instrumental in supporting smooth transactions involving digital assets for over five years, now extending services to include stablecoin-compatible cards, payments, and programmable money. With the introduction of stablecoin-compatible cards, consumers can purchase stablecoins using their Visa credentials and make payments at Visa-accepting merchants. Collaborations with DCS Singapore, DTC Pay, and StraitsX are helping to facilitate this regulated exchange in the Asia Pacific region.

Continuous Payments Through Stablecoins

Visa aims to expedite stablecoin transactions, achieving a remarkable history of $225 million in payments among participating clients, and targeting an ambitious goal of $1 billion in global stablecoin payments by 2026. This initiative, supported by partnerships with organizations like StraitsX, further solidifies Visa's role in this emerging field.

Visa Tokenized Asset Platform (VTAP)

Through VTAP, Visa offers a foundational framework for partners to issue and manage fiat-backed tokens, ensuring interoperability between public and private blockchains. This will streamline programmable finance, transaction of tokenized assets, and facilitate cross-border money movement. More partners are expected to gain access to VTAP by late 2026.

Flex Credential

Visa's Flex Credential is a next-generation card that allows users to switch between debit, credit, and reward points functionalities, gaining traction in the Asia Pacific region. The launch of Olive, in collaboration with Sumitomo Mitsui Banking Corporation, exemplifies this innovative approach, with over 5 million Olive account holders currently benefitting from Visa’s Flex Credential offerings.

Innovative Partnerships for Diverse Payment Solutions

Visa is launching various services and partnerships to simplify payment and receipt processes for consumers, merchants, and businesses in the Asia Pacific. Notable collaborations include:

• - Visa Pay: This service connects participating wallets with Visa-accepting merchants, enhancing the accessibility of touch and scan payments across the region. Partnerships with leading firms like LINE Pay, MayaPay, and others are expanding Visa's global payment network.
• - Digital Identity Solutions: These solutions bolster user verification and authentication with advanced security technologies, improving the payment approval rate and transaction security.
• - Visa Accept: A new solution enabling micro-entrepreneurs to accept payments directly from Visa debit card holders using NFC-enabled smartphones. This initiative, in collaboration with banks in Vietnam, aims to support informal sector businesses.

Conclusion

With a steadfast commitment to innovation, Visa aims to redefine commerce across the Asia Pacific through the power of AI and strategic partnerships, ensuring the seamless integration of payment solutions into consumers' everyday lives. As digital commerce evolves, Visa remains dedicated to paving the way for a more secure and user-friendly payment future, making a significant impact on consumers and businesses alike.

For more information, visit Visa's official website.