Visa has partnered with Affirm to introduce its ‘flexible credential’ technology in the US, featuring a card that switches between debit and buy now, pay later (BNPL) payment options.
The Visa Flexible Credential (VFC) aims to modernize traditional card payments, allowing users to access multiple funding sources with a single card. With the Affirm card, users can pay in full at any location that accepts Visa or choose to pay over time for their purchases through the Affirm app.
Max Levchin, CEO of Affirm, emphasizes, “Part of building better financial products means giving consumers more control and flexibility, which has always been a key feature of the new Affirm Card.”
In a parallel development, Emirates NBD’s digital banking platform, Liv, is leveraging VFC to provide customers with access to multiple currency accounts using one card. The VFC system automatically directs transactions to the appropriate currency account, whether customers are shopping online or in-store. Users can also transfer funds between local and foreign currency accounts via a mobile app.
These initiatives in the US and UAE follow VFC’s initial launch in Japan last year in partnership with Sumitomo Mitsui Card Company through the Olive account. Currently, there are three million Olive account cardholders making use of the ability to flexibly manage various funding sources, including debit, credit, and prepaid options.