Visa Flexible Credential transforms cards for a digital future and becomes a global solution

Visa Flexible Credential transforms cards for a digital future and becomes a global solution

• Visa Flexible Credential will be introduced for the first time in the U.S. with the Affirm Card debit card, which will allow consumers to easily shop with buy now, pay later (BNPL) directly in the Affirm app.
• Liv, the first digital bank in the Middle East and North Africa region headquartered in the United Arab Emirates, has introduced Visa Flexible Credential, enabling frequent travelers to access multi-currency accounts through one card, simplifying cross-border payments.
• New flexible payment experiences were presented at Web Summit in Lisbon.

San Francisco, California and Lisbon, Portugal – November 12, 2024 – The payment card has not changed for years. It was designed for an analog world – one card serving one purpose, debit or credit. Visa Flexible Credential changed that, enabling payments from different accounts using one card. Today Visa (V: NYSE) announced that Flexible Credential is coming to the U.S., introduced with Affirm, and to the United Arab Emirates thanks to Liv, giving millions of people greater choice and control over how they pay.

– Visa Flexible Credential began with a simple idea that consumers should have an easy way to choose how they want to pay – said Jack Forestell, Chief Product and Strategy Officer, Visa. – Collaborating with innovative partners like Affirm, Liv and SMCC helps us turn that idea into reality. Together we are enabling more ways to pay and adapting to the unique needs of consumers – wherever they are in the world, or at any point in their financial journey – he added.

Giving people control over their financial future

Giving people control over their financial future

Affirm is the first company to use Visa's new generation of card products for its customers in the U.S. through the Affirm Card.

– We are excited about the collaboration we have established with Visa – said Max Levchin, CEO of Affirm. – Since the company was founded, our mission has remained unchanged — to build honest financial products that improve lives. Part of building better financial products is also giving consumers greater control and flexibility, which has always been a key feature of the new Affirm Card. We are pleased to deliver to millions of people a product that seamlessly combines debit and credit cards, without late or hidden fees – he adds.

Affirm Card offers consumers a product with payment flexibility – immediate or deferred. Users can pay in full everywhere Visa is accepted, or request deferred payment through the Affirm app. Affirm Card is currently used by more than 1.4 million consumers in the U.S., and the company hopes it will reach even more people.

Simplifying cross-border payments

Simplifying cross-border payments

Liv, the first and largest digital bank in the United Arab Emirates, founded by Emirates NBD, is introducing a new way to pay from multiple currency accounts using one card. The latest Visa data show that cross-border payment volumes outgoing from the United Arab Emirates are among the fastest growing among all key countries in this area[1].

Visa Flexible Credential will make regular spending in different currencies more transparent for consumers and allow banks to accelerate the introduction of multi-currency offerings for their customers.

Visa Flexible Credential works by automatically routing transactions to the account with the appropriate transaction currency, regardless of whether someone pays online or in a physical store. Using the mobile app, cardholders can easily move money between local and currency accounts, making sure they have the funds to make a purchase.

The offering will be available to new and existing Liv customers and will support five of the most popular currencies, including: the U.S. dollar, the British pound, the euro, the Canadian dollar and the Australian dollar.

– At Liv we remain true to our promise of delivering the most innovative products to our customers – said Pedro Sousa Cardoso, Chief Digital Officer, Retail Banking and Wealth Management, Emirates NBD. – As the first digital bank in the United Arab Emirates, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better meets their changing financial needs.

Helping small businesses simplify their finances

Helping small businesses simplify their finances

Since the debut of the Olive card in Japan in cooperation with Sumitomo Mitsui Card Company, Limited (SMCC) just over a year ago, more than 3 million Olive account holders have begun using Visa Flexible Credential. Since launch, 70% of Olive account holders have changed at least once the account charged for a purchase – switching between debit, credit and prepaid solutions, with the credit account being the most frequently used for purchases[2].

Visa and SMCC have also introduced a new flexible feature designed specifically to help small businesses access credit and unlock cash flow. Now small businesses can easily switch between business and personal accounts using the same Olive card.

Visa will continue testing features for small businesses in Japan with SMCC and rolling them out in other markets around the world.

Flexible Credential gives consumers more choice and control over their finances. It also enables financial institutions – banks or fintechs – to build deeper relationships and deliver better solutions based on individual customer needs.

Visa continues to work with partners to make the new generation of payments available to more consumers around the world.

[1] Visa data for the twelve months ended September 30, 2024.

[2] VisaNet transaction data March 2023 – September 2024.

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