Fintech Takes BONUS EPISODE: Terry Angelos on Visa’s Latest Announcements and the Future of Payments
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Jul 3, 2024 Former Visa fintech executive Terry Angelos discusses Visa's latest advancements in payments, including Flexible Credentials and passkeys. They explore future trends in pay-by-bank, data token opt-ins, and the impact on the banking infrastructure. The conversation highlights the potential transformation of online payments and the integration of biometric authentication for a seamless user experience.
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Visa Flex Credential Explained
- Visa's Flex Credential allows multiple payment credentials on the same card, increasing consumer flexibility at point of sale.
- This innovation could enable software to select payment instruments and potentially change funding sources after transactions.
Payments as Authorization Pointers
- Payment credentials act as authorization pointers and could link to various payment rails like debit, credit, or bank-to-bank.
- Future payments might allow tapping a device that authorizes transactions across different rails with network-backed guarantees.
Challenges and Potential of Pay-by-Bank
- Pay-by-bank faces challenges in consumer adoption due to lack of convenience, instant tap-to-pay, and clear dispute mechanisms.
- Visa and networks can add value by providing safety, fraud detection, and authorization rules that ensure consumer protection.