Recently, Visa held the first-ever Visa Connect forum in Dushanbe. The event served as a platform for exchanging experiences and discussing the best global practices for developing the payment industry, bringing together representatives from the banking sector and technology companies.
At this forum, Visa highlighted the high growth potential of Tajikistan’s digital economy.
In an interview with Asia-Plus, Godfrey Sullivan, Senior Vice President of Visa for Products in Central and Eastern Europe, the Middle East, and Africa, explained why Tajikistan is becoming a promising market for digital payments, which technologies are already transforming the industry, and how artificial intelligence is influencing the future of finance.
AI agent, stablecoins, and digital identity
– How would you describe the current global payment ecosystem? What trends are defining it today?
– Today’s global payment ecosystem is shaped by three key directions: agent commerce, stablecoins, and digital identity.
Agent commerce involves purchases and payments through AI assistants and agents. Visa has been using artificial intelligence for over 30 years to enhance payment quality, assess risks, and combat fraud.
The next step is to enable users to pay through AI agents. For example, in the UAE, we launched a scenario with a real estate partner where users can pay real estate fees through voice interaction with an AI agent.
The second important direction is stablecoins. In partnership with banks, we are working to allow users to link their stablecoin wallets to Visa cards and spend digital assets as easily as regular money.
These projects are already being implemented, including in Kazakhstan and other regional markets. Visa is also expanding settlement capabilities using stablecoins for partners, including the ability to fulfill certain settlement obligations with them.
The third direction is digital identity. We are developing solutions like Visa Payment Passkeys, which allow transactions to be confirmed using biometrics, such as Face ID instead of one-time passwords. This enhances security, as such codes can be intercepted, whereas biometrics are tied to a specific user and cannot be transferred and used by third parties.
Overall, the payment industry is evolving very rapidly today, making it one of the most dynamic in terms of innovation.
– What are the main barriers in the payment industry today, and what products and services does Visa offer to overcome them?
– One of the key challenges for the payment industry today is the complexity of fraudulent schemes, especially in e-commerce.
For Visa, security remains a primary priority. The company enhances it with technologies like tokenization: instead of a card number, a unique digital token is used, tied to a device or vendor. This significantly reduces the risk of fraud.
The second direction is the changing expectations of users. It’s important not only to conduct transactions but also to create additional value: offering services, privileges, and convenient access to them. In particular, these opportunities are combined in the Visa Airport Companion app.
The third is cross-border transfers, which remain slow and expensive. To solve this issue, Visa Direct is being developed, allowing funds to be sent to cards, bank accounts, and digital wallets quickly and conveniently.
In the end, the industry focuses on three priorities: security, additional value for users, and the efficiency of cross-border payments.
Youth and Visa: simple and sSeamless experience
– How is the payment behavior of young people changing, and how is Visa adapting to these changes?
– Generation Z is the first generation to grow up entirely in a digital environment. For them, a smartphone is the main tool in everyday life, including for making payments. They don’t want to carry a plastic card, enter a PIN, or provide a physical signature. They want the simplest and most seamless experience possible.
That’s why we are developing Tap to Pay for offline payments and Click to Pay for e-commerce. Payments become fast and almost invisible, without the need to enter card details.
At the same time, trust is as important as convenience. Tap to Pay is based on tokenization: card data is replaced with a secure digital token.
Another feature of Generation Z is the large number of subscriptions. Users are often connected to multiple services simultaneously and do not always control them. Therefore, together with banks, we are developing Visa Subscription Manager – a solution that allows users to see, track, and manage all subscriptions in one place.
A separate direction is agent commerce. Young users increasingly use AI agents to search for and select products. Visa is developing this direction through Visa Intelligent Commerce, integrating payments directly into such scenarios.
The idea is for the user to not only find a product through an AI agent but also immediately select, pay for, and arrange delivery within a single interface. For example, to make a request: “Find a bouquet of red roses for up to $50 with delivery by January 28,” and the agent, using a linked Visa card, will perform the search, selection, and transaction.
The key condition here is clearly defined parameters: amount, conditions, and restrictions. This is important not only for convenience but also for security.
Security and trust: a key issue
– How, in your opinion, will the fields of finance, payments, and commerce develop in the near future? What role does artificial intelligence already play today?
– Artificial intelligence is already making payments safer – it helps detect suspicious transactions and reduce fraud levels.
But this is a constant race. Fraudsters also use advanced technologies, including deepfakes. As a result, fighting fraud becomes an ongoing technological confrontation where cooperation and investment in security are critically important.
Another important trend is that payments are becoming “invisible.” Today, choosing a product and paying for it are two separate steps. In the future, the line between them will disappear. This will be especially noticeable in e-commerce and AI scenarios: the user simply formulates an intention – “I want to buy” – and everything else happens automatically.
– Security and user trust is a key issue. How does Visa plan to ensure customer safety when using AI?
– Visa has been investing in artificial intelligence for over 30 years, initially focusing on improving transaction security. With the emergence of AI agents, a new model and new risks arise. To manage them, we rely on three key principles.
The first principle is user control. The user sets clear spending parameters. For example, if an agent is instructed to buy flowers, the amount should be limited – $50, not $500. Therefore, Visa’s APIs require mandatory spending limits and rules.
The second is protection from unauthorized access. If a user works with a specific AI agent, another service should not gain access to the card. This is ensured by tokenization: the card is linked to a specific agent, and transactions can be verified by their source.
The third principle is transaction confirmation. After linking the card and setting parameters, Visa Payment Passkey is used: the user confirms the payment, and only then does the agent complete the transaction.
In the end, payment security in AI scenarios is built on three elements: user control, tokenization, and reliable authentication.
Tajikistan – a strategically important market
– How do you assess the payment market in Tajikistan and its potential?
– For Visa, Tajikistan is a promising and strategically important market. That’s why we held the first Visa Connect Tajikistan forum, bringing together representatives from banks and technology companies.
The banking sector is showing steady growth: bank assets are increasing, and the country is actively promoting digitalization. Visa has been operating in this market for over 20 years, collaborating with government bodies, banks, and technology partners.
Today, 14 banks issue Visa cards in somoni. From our recent meetings, it is evident that local banks are rapidly advancing in digital transformation, and quality digital services are already available to clients.
Financial organizations work with different audience segments and offer a wide range of products – from Visa Infinite for premium clients to Visa Platinum and Visa Signature for a broader segment. This reflects a high interest in developing the product line and implementing new solutions.
Development is not limited to card products. It also involves expanding digital payment infrastructure for businesses. Specifically, Government Pay solutions are being launched in cooperation with Alif Bank, as well as Visa Tap to Phone with “Orienbank” and CyberSource, which contributes to the growth of digital and online payment acceptance.
Visa continues to invest in Tajikistan and sees significant long-term potential. Personally, I look forward to my next visit to the country.
