Through this launch, Visa intends to simplify the payment experience for merchants and customers by offering cardholders a single credential for life. By introducing the service to Asia Pacific, consumers and merchants can access Real Time VAU across subscription services, including ride-hailing, food delivery, and monthly utility payments, among others.
Integrated with Visa’s technology, Real Time VAU supports merchants in eliminating the issue of declined payments from customers with expired or replaced debit and credit cards by enabling businesses to update customers’ stored card details in real-time. When a merchant submits a payment, the service instantly checks for the latest card details and transacts the payment request with the updated information, decreasing the rates of authorisation declines, lost sales, and severed cardholder relationships. According to officials, the launch of Real Time VAU in collaboration with Visa’s partners in Asia Pacific, including Adyen, Checkout.com, Stripe, and Worldpay, intends to simplify the payment process while continuing to maintain security. By offering merchants the technology, Visa aims to enable them to increase revenue and card authorisation rates, while delivering a simplified payment experience that aligns with consumer expectations. In addition to Real Time VAU, Visa also made available Cybersource, which provides VAU to customers to allow more businesses across the region to leverage the capabilities of the solution. Representatives from Visa’s partners stated that the collaboration enables their companies to enhance the payment experience for customers across multiple regions by updating card details in real-time. Moreover, the solution provides businesses with a simplified manner of getting paid, allowing them to dedicate resources to focus on priorities instead of card declines.
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