Visa launches a card replacement solution for travelers

Visa unveils a new emergency digital card replacement feature for travelers. The aim is to offer banks a solution enabling their customers to receive a digital card quickly, in the event of an emergency in a foreign country. Visa is once again demonstrating its interest in the travel sector.

FACTS

• Visa launches a new emergency card replacement feature for travelers.
• The solution enables issuing banks to quickly provide their customers with a replacement digital card.
• In practical terms, the digital card is sent by SMS or e-mail to customers in an emergency situation. Once they have received the link, they authenticate themselves and can then add the card directly to their wallet on their mobile.
• In addition to this new feature, Visa offers several tips for travelers:
• Switch to digital payments to reduce the inconvenience of cash;
• Stay informed by activating transaction alerts on the banking app, for example;
• Contact your bank to make sure your card will work in the destination;
• Prefer payments in local currency, which is generally more profitable for the cardholder.
• For the time being, the functionality is only expected to be available in the United States.

CHALLENGES

• Responding to specific use cases: 74% of American travelers already use a digital wallet when they go on vacation, according to Visa figures. While they are less likely to lose their physical card, the aim is to enable cardholders to block their card when they suspect fraud or loss. Travellers can therefore focus on the security of their account without having to worry about the rest of their trip.
• Meeting consumer demand for security: The aim of this new feature is also to meet consumer demand for emergency digital solutions. Some banks, such as ANZ in Australia, have already developed similar solutions in-house, but Visa's solution will give other financial institutions easy access to a reliable solution to meet their customers' security expectations.

MARKET PERSPECTIVE

• Visa continues to expand its presence in the travel sector. At the end of May, the payment network announced the launch of a partnership with Worldline to offer virtual card solutions to travel agencies for B2B payments.