In a bid to equip consumers with increased protection on how they pay through bank transfers, Visa is set to apply its infrastructure, technology, and capabilities to account-to-account (A2A) payments. Expected to be introduced in early 2025 in the UK, Visa A2A aims to deliver consumers a smarter, digital user experience, optimised security features, and a convenient dispute resolution service. Through the dispute resolution feature, Visa intends to substantially upgrade the current pay-by-bank experience, focusing on supporting individuals in getting their funds back if an error happens.
A formal dispute resolution procedure that offers users a reliable method to check transactions, while capabilities such as biometrics deliver scaled security which results in a decrease in unauthorised transactions;
Consumers benefit from another option to pay for products and services directly from their bank account;
Simplified process for setting up and managing payment permissions so that users can have control over when payments are made. In addition, they can set limit amounts, so that higher bills cannot put them unexpectedly under financial stress.
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