- 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
For years, the card didn’t change. Built for an analog world,
one card for one type, debit or credit. The Visa Flexible
Credential has fundamentally changed that, allowing people to pay
from different account funding sources with a single card. Today,
Visa (V: NYSE) announced that the Flexible Credential is expanding
to the U.S. and will be rolling out with Affirm, and in the United
Arab Emirates with Liv, giving millions more people greater choice
and control over how they pay.
“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 U.S. consumers with the Affirm Card.
“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 U.S. and the company looks
forward to getting it into the hands of more people.
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 UAE are one
of the fastest growing among Visa’s largest cross-border countries.
1
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:
U.S. Dollar, British Pound, Euro, Canadian Dollar and Australian
Dollar.
“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 Japan with Sumitomo Mitsui Card
Company, Limited (SMCC) just over a year ago, there are over 3
million Olive account cardholders taking advantage of the Visa
Flexible Credential. Since launch, 70% of Olive account holders are
flexing between different account funding sources like debit,
credit and prepaid, and credit is predominantly used for their
purchases.2
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 Japan
with SMCC and roll it out to other markets around the world.
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 U.S.A.
Inc. You must request and be approved to get the Card. Getting the
Card does not guarantee the ability to pay over time. You must
apply for pay-over-time plans for each purchase in the mobile app.
Pay-over-time plans are subject to eligibility checks and are
provided by affirm.com/lenders. For licenses and disclosures, see
affirm.com/licenses.
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
Visa (NYSE:V)
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