On Monday, Visa unveiled a suite of beta APIs, specifications and developer tools for a new payments platform called Visa Next that the company says "opens [the] door to digital-first payment experiences."
Using the beta APIs, Visa issuers and issuer processors will be able to add newly-issued or existing cards to the Visa Next platform and create new digital card accounts. From there, they can activate and tokenize digital accounts for e-commerce or mobile wallets, enable contactless and QR code payments, and configure transaction rules, such as spending limits.
"Imagine if parents could instantly create a Visa card on their mobile device and send it to their child’s phone for immediate use, instead of giving them cash for movies, for example. They could also set parameters around where, when, even how long the child can use this card – and adjust these controls at any time via their own mobile device,” Sam Shrauger, Visa's SVP for global issuer and consumer solutions, explained.
Visa says that super-wallet apps, which are popular in Asia, could also use the Visa Next platform to develop solutions that allow their users to use their balances outside of the countries those super-wallets work in.
In its effort to "bring to life the next generation of digital-first payments products", the payments giant plans to add additional beta APIs this year, including APIs for loyalty, benefits and rewards, and transaction controls.