Digital credentials are reshaping payments as consumers gravitate toward payment methods that work instantly, securely and consistently across channels.
That shift is creating a dynamic where issuers are exploring opportunities to build smarter onboarding processes that start customers on a personalized financial journey from day one.
Visa VP of Digital Issuer Solutions Portfolio Jeffrey Chen said in the inaugural PYMNTS’ “Beyond the Card” series that onboarding is no longer a narrow technical step. It is becoming the foundation for how consumers pay, track their goals and interact with their financial institutions.
The Rise of Credentials and New Payment Methods
As real-time rails and alternative payment methods gain ground, the traditional card number is no longer the anchor. Consumers expect seamless payment options that extend well beyond the plastic in their wallets and work across platforms such as Apple Pay and new account-to-account rails.
Chen said the movement from a 16-digit PAN to a flexible digital credential changes everything because the credential can support a broader range of payment types and the surrounding digital experiences. “To me, everything comes down to the consumer,” he said. “What a consumer ultimately wants is the holistic end-to-end capability, and they want to know that everything surrounding the payment is also taken care of.”
A credential, he added, is inherently more secure and easier to deploy across new rails. It gives issuers the ability to future-proof payment experiences by building intelligence and orchestration layers once, then applying them across use cases as new payment types emerge.
