Visa is launching new technology, which will share more detailed customer preference information with retailers based on their shopping history.
The data will be securely transmitted using Visa’s proprietary tokens, which protect the connection between consumer bank information and merchants. Consumer consent is required for data sharing.
At a technology conference in San Francisco, Visa CEO Ryan McInerney highlighted that while most consumers are not fully aware of the token technology, they experience smoother transactions because of it.
He also noted that Visa’s new offerings aim to improve the shopping experience by leveraging vast data for tailored AI-driven interactions.
To further reduce transaction friction, Visa is introducing a facial recognition payment system similar to Apple Pay, which will work across all browsers and mobile devices.
This initiative will allow banks to add new products to a consumer’s account without needing new account numbers or additional cards.
