Visa introduces flexible payment options in the US and UAE

Visa Launches Flexible Payment Feature in US and UAE, Expanding Payment Options for Cardholders

On Tuesday, Visa said it is rolling out a flexible payment feature in the US and the United Arab Emirates as it taps into growing demand for a variety of transaction options.

The payment processor said the “flexible credential” feature, which is already available in Hong Kong, Japan, the Philippines, Singapore, Thailand and Vietnam, allows customers to use the same card to pay from different financial sources.

Customers are increasingly prioritizing convenience and flexibility in payments, especially as e-commerce flourishes, prompting companies to take proactive steps to maintain their edge in an industry being reshaped by digital disruptors.

A Visa study found that 51% of card users want the ability to access multiple accounts and financial resources with a single credential.

“Most people think about their finances on a month-to-month basis. Lowering the price of an item helps people make their financial decisions and allows retailers to sell more,” said Odysseas Papadimitriou, CEO of personal finance company WalletHub.

For the U.S. launch, Visa partnered with Affirm, a fintech company with 1.4 million active cardholders. It has tied up with Liv Bank for UAE expansion.

Visa plans to expand the feature to Europe in the coming months, said Mark Nelson, its global head of consumer products.

The partnership with Affirm reflects a growing alliance between fintechs and traditional financiers. While generally viewed as competitors, such collaborations allow both parties to unlock new revenue streams.

“It’s a little bit easier for fintechs to get started. But as the ecosystem matures, you’ll see some of the legacy banks start using it as well,” Nelson said.

CEO Max Levchin said the company wants to bring more people a product that “seamlessly brings debit and credit together without any late or hidden fees.”