[Openid-specs-fapi] VISA+ Analysis

[Anders Rundgren]

On 2023-04-17 4:34, Gail Hodges wrote:
> I would have to find out more than the brochure-ware here, but I agree this pitch is for p2p providers of which there are many domestic services. The pitch is probably to help capture the lucrative cross border p2p market and partly to achieve that with a privacy angle of not needing to share the email and phone number.
> 
> I do not think this has much bearing on in person merchant transactions, except some categories of services like TaskRabbit and other small business payments where people sometimes prefer different apps with features they need.

Thanx Gail!
Personally, I believe that VISA+ is rather about getting a place in the P2P market in general.  The most successful P2P systems out there like Zelle in the US, WeChat in China, and Swish in Sweden have no ties whatsoever to card networks.   What's worse (from a card network perspective...), is that these systems tend to morph into C2B payment solutions.   Since client-side standardization does not seem to happen, VISA may actually get some traction although I'm less convinced that there is a lot of money to be made since domestic P2P payments usually are free of cost.

Talking about client-side standardization and wallets, I still find it puzzling that nobody representing Open Banking/OpenID/FAPI/etc. seems prepared taking on this matter; it is like an open wound that increases by the day 😱

Regards,
Anders

https://www.linkedin.com/posts/ronny-khan-1b564377_nobidconsortium-payments-banking-activity-7052536105891450880-rW2D

> 
>> On Apr 15, 2023, at 7:55 AM, Anders Rundgren via Openid-specs-fapi <openid-specs-fapi at lists.openid.net> wrote:
>>
>> Hello payment security experts!
>> Any idea of how VISA+ works? https://usa.visa.com/products/visa-plus.html
>>
>> VISA+ replaces the card/account-id with a human-oriented name.
>>
>> Since the name is unprotected, VISA+ is likely to depend on a single trusted service.
>>
>> I don't understand how you suddenly become independent of which P2P app you use.  To me it rather looks like an attempt to get P2P payment providers to adopt VISA+.
>>
>> For local payments, QR or NFC seem more logical.  The problem with P2P is really for remote payments where the identity of the receiver is not always entirely obvious.
>>
>> I still think that a payment URL would be worthwhile, otherwise we will be stuck with Big Tech solutions.
>>
>> Cheers,
>> Anders
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