Visa has announced the global expansion of its Flexible Credential, a payment solution that allows consumers to access multiple funding sources with a single card.
This expansion introduces the technology to the US market in collaboration with Affirm and to the UAE with Liv.
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In the US, Affirm is claimed to become the first to adopt Visa’s next-generation credential for its consumers.
The Affirm Card provides the option to pay in full at any Visa-accepting location or to pay over time through the Affirm app. With over one-point-four million users, Affirm anticipates the card reaching an even broader audience.
Liv, a neobank launched by Emirates NBD in the UAE, now offers a card that allows access to multiple currency accounts, streamlining spending for consumers.
Visa chief product and strategy officer Jack Forestell said: “The Visa Flexible Credential all started with a simple idea that consumers should easily be able to choose how they want to pay.
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By GlobalData“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.”
The Visa Flexible Credential simplifies transactions by automatically routing them to the account with the correct currency, enhancing transparency for consumers.
It supports transactions in several major currencies, including the US dollar, British pound, Euro, Canadian dollar, and Australian dollar, and is available to both new and existing Liv customers.
Since its introduction in Japan with Sumitomo Mitsui Card Company (SMCC), the Olive card has seen over three million account holders benefit from the Flexible Credential.
Visa and SMCC have also developed a feature for small businesses in Japan, enabling them to switch between business and personal accounts using the same card. This feature is set to be tested further and expanded to other markets.
Recently, Visa announced partnerships with QR payment providers, enabling consumers to use digital wallets to scan and pay at point-of-sale QR codes while travelling abroad.
