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Visa launches VAU in Asia Pacific

Wednesday 8 November 2023 13:39 CET | News

Global payments provider Visa has announced the expansion of Real Time Visa Account Updater (VAU) to selected markets in Asia Pacific.

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. 

Global payments provider Visa has announced the expansion of Real Time Visa Account Updater (VAU) to selected markets in Asia Pacific.

The expansion’s objective

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. 

Visa’s recent partnerships and developments

During October 2023, Visa entered multiple partnerships to support its development plans, including a collaboration with Hepsipay, a Turkish ecommerce platform. Through this partnership, the two companies intended to ensure that the digital prepaid cards of Hepsipay customers and clients are accepted worldwide, for both online and in-store purchases and transactions. Furthermore, it enabled the cards to be accepted at any point of sale outside the Hepsiburada platform as well.

Visa also announced a partnership with GCash, a Philippines-based super app, aiming to drive financial inclusion in the region. The collaboration intended to increase financial inclusion in the Philippines by offering the unbanked population access to the benefits associated with owning a card. The GCash Card was launched to provide individuals who normally don’t pay with cards, being particularly directed to the segment of the population with no bank accounts and documents required to apply for a card.

Moreover, by partnering with Visa, Global Payments launched its Mobile Tap payment acceptance solution in Singapore. The collaboration aimed to improve the payment landscape by allowing sellers to facilitate payments using their smartphones instead of making additional hardware investments. 

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Keywords: mobile payments, partnership, subscription commerce, real-time payments, credit card, debit card, subscription payments, online payments
Categories: Payments & Commerce
Companies: Visa
Countries: Asia
This article is part of category

Payments & Commerce

Visa

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