Visa has introduced a new identity verification system following first-ever deployment of its Tap to Confirm and Tap to Activate technology for issuing banks.
The digital payment company announced on Wednesday that it launched this technology in collaboration with fintech partner Keyno and Fidelity Bank (Bahamas).
Visa said, “This innovation represents a paradigm shift in how consumers prove who they are to their financial institutions —turning the physical Visa card into a trusted identity credential that works with a simple tap inside the banking app they already use.”
The release continued, “As commerce becomes increasingly digital, identity verification has emerged as one of the defining challenges of modern banking and payments. Instead of relying on one-time passcodes, call centre verification, or other complex authentication processes, cardholders can now confirm their identity or activate a new card simply by tapping their Visa card to their mobile device — providing EMV-level security while delivering a frictionless user experience.”
Visa said, “The solution integrates Visa’s robust Transaction Exchange (VTEX) API for real-time card data authentication directly through VisaNet—the world’s most advanced payment processing network, handling over 150 billion transactions annually.”
Mike Romero, Head of Digital Solutions, Visa Latin America and the Caribbean said, “Identity verification has become one of the defining challenges of digital commerce—and one of the biggest points of friction for consumers and issuers alike. With tap authentication, Visa is transforming the card in your wallet into a secure, intuitive identity credential, delivering an experience that is easier for consumers and more secure for issuers. This is what Visa’s payments expertise and global infrastructure make possible.”
Visa said the technology has showcased the company’s innovation leadership by leveraging advanced EMV cryptography and Visa’s proprietary Chip Authenticate service.
