PensionPay has partnered with Visa to launch a branded card with a digital wallet that pension providers can white label.
PensionPay is a UK-based embedded financial solution that supports pensions and investment platforms, offering a digital wallet for retirement savings where providers and schemes can deliver instant, tax-aware withdrawals and control over spending.
Making pension savings more convenient
The alliance rolls out a Visa-branded card, leveraging the company’s global network, universal acceptance, and payments infrastructure to enable providers to offer fast and secure transactions. This way, pension schemes and providers can support increased pension contributions and make accessing income simpler and faster for retired individuals.
The collaboration aims to help providers improve member experience, strengthen retention, and meet regulatory requirements on value for money and consumer duty. PensionPay mentioned that working with Visa allowed it to connect pensions to the payments infrastructure that individuals are already used to in their daily lives. As savers may lack control, clarity, or confidence over their pension, the company aims to help deliver an experience that encompasses these qualities.
Visa remains committed to supporting developments that make everyday financial journeys more secure and simple by collaborating with companies that share its vision and help expand access to better payment solutions that improve how individuals manage their savings and retirement funds.
The initiative comes as Visa supports multiple companies in launching their own digital wallets in Europe, including BBVA, Klarna, and Vipps MobilePay. These are the first Visa-enabled wallets to utilise NFC technology to allow HCE on iOS wallets. Following a major regulatory shift under the EU’s Digital Markets Act, which opened NFC access to third-party wallets, Visa works with issuers and a domestic scheme across Europe to launch new wallets. Digital wallets are evolving from simple payment tools to platforms that support P2P transfers, real-time bank payments, and government IDs. With the use of expanded NFC access, they can also store digital keys, loyalty cards, event tickets, and more.
