SKUx's payment-based offer solutions cater to various client needs including customer acquisition, loyalty programs, and consumer care. Through this collaboration, Visa clients gain access to SKUx's digital payments platform, facilitating improved business-to-business and business-to-consumer payment flows for merchants. Benefits for merchants include increased customer acquisition rates, digitization of customer care and recovery, and targeted product-level spending.
SKUx's Digital Payments Platform utilizes advanced modern architecture to enable companies to offer branded real-time Visa digital payments worldwide, enhancing the commerce experience for mutual clients of Visa and SKUx. Additionally, SKUx leverages Hedera's enterprise distributed ledger technology for better monitoring of payments issuance and redemption, as well as enhanced transparency in reporting.
Visa's partnership with SKUx reflects its commitment to enhancing service offerings and attracting new customers while retaining existing ones. The alliance is expected to facilitate increased cross-border transactions and revenue for Visa.
SKUx's multi-patented digital payments platform streamlines processes such as check processing, coupon redemption, and promotional offers, reducing time, effort, and costs for merchants, consumer brands, and other industries. The platform's security measures also mitigate fraud risks, contributing to its adoption by renowned CPG brands.
In addition to partnerships, Visa has made substantial investments to enhance its digital capabilities. At the annual Visa Payments Forum, the company introduced products and services like Visa Flexible Credential, Visa Payment Passkey Service, and Visa Protect for A2A Payments, addressing diverse consumer needs in the evolving digital payments landscape.
The company has unveiled a suite of new products and services aimed at modernizing payment card technology to meet the evolving needs of businesses, merchants, consumers, and financial institutions.
Over the past five years, the payment landscape has undergone significant changes, with a pace of evolution surpassing that of the previous five decades. Consumers have embraced novel payment experiences, including the integration of digital commerce across various platforms and the widespread adoption of contactless payments.
One of Visa's notable innovations is the Visa Flexible Credential, addressing the growing consumer preference for accessing multiple accounts through a single credential. This feature allows a single card product to seamlessly switch between different payment methods, offering users the flexibility to customize their payment experience.
Payment methods supported include debit, credit, 'pay-in-four' with BNPL (Buy Now, Pay Later), and rewards points redemption. The Visa Flexible Credential has already been introduced in Asia and is slated for launch in the US in collaboration with Affirm later in 2024.
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