Visa Flexible Credential (VFC), previously available only to Olive card users in Japan, is expanding its geographic availability to the United States and the United Arab Emirates.
Visa announced a partnership with debit card issuer Affirm and digital bank Liv to expand the geographic availability of Visa Flexible Credential.
Visa Flexible Credential enables payment card users to switch between different payment methods, including debit or credit options, reward points, various forms of installment payments (BNPL), and multi-currency payments, using a single credential.
Affirm will integrate Visa Flexible Credential’s functionality into its Affirm Card, allowing users to pay for purchases in real time or choose to pay in installments. Affirm cards are used by 1.4 million people in the United States.
Customers of UAE-based Liv Bank will be able to switch between multiple currency accounts when making payments with a single card, thanks to Visa Flexible Credential. Initially, the solution will support five currencies: the U.S. dollar, Canadian dollar, British pound, Australian dollar, and euro.
According to the press release, the Visa Flexible Credential solution was previously only available to Olive Card users in Japan, where the card is issued by Sumitomo Mitsui Card Company Corporation (SMCC). Since its launch just over a year ago, more than 3 million Olive Card users have taken advantage of the technology, representing 70% of the total.
Visa and SMCC also unveiled a new feature specifically designed to help small businesses access credit and improve cash flow. For example, Olive cards allowed small business owners to easily switch between business and personal accounts.
The practical experience of using Visa Flexible Credential in Japan has made it possible to introduce the technology in other markets. Representatives of the company plan to further expand the availability of the technology on a global scale.
Visa is also actively supporting cryptocurrency payment initiatives. For example, FV Bank recently launched crypto-ready debit and corporate cards in partnership with Visa. The new cryptocurrencies will enable the use of digital assets for everyday payments on a par with fiat money.
