Visa and Keyno announced Tap to Confirm and Tap to Activate on May 11, 2021. The new technology lets cardholders authenticate high-value transactions by tapping their Visa card on a mobile device. Tap to Activate enables instant secure activation of new Visa cards by tapping the card within the issuer's app.
EMV chip replaces SMS OTP
The system uses EMV chip encryption as an authentication factor, replacing SMS one-time passwords. It integrates with Visa's Token Exchange (VTEX) API and runs on VisaNet, which processes over 150 billion transactions per year. Visa claims the technology significantly reduces fraud compared to SMS OTP.
The first implementation is in the Fidelity Bank (Bahamas) banking app. The service is already available in the Bahamas.
The technology provides a physical card tap as a second factor for high-value transactions, aiming to improve security without requiring a one-time code. Visa has not confirmed plans for expansion to other regions.
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