PensionPay and Visa have collaborated to introduce a branded card paired with a digital wallet, allowing pension providers the option of white labeling this solution.

Based in the UK, PensionPay provides embedded financial solutions for pensions and investment platforms. Through its digital wallet platform, it enables instant, tax-aware withdrawals and offers spending controls to provider and scheme members.

Enhancing Pension Savings Accessibility

By integrating Visa’s global network, universal acceptance, and payment infrastructure, the alliance facilitates fast and secure transactions. This partnership aims to promote higher pension contributions and streamline the process of accessing retirement income for retired individuals.

Working together, PensionPay and Visa aim to enhance member experience, boost retention rates, and meet regulatory standards related to value for money and consumer duty. Visa’s involvement allows PensionPay to connect pension plans with familiar payment infrastructures, providing savers with greater control, clarity, and confidence over their retirement savings.

Visa is dedicated to supporting initiatives that make daily financial activities more secure and convenient by partnering with companies whose visions align with its own. This partnership marks another step in Visa’s effort to expand access to better payment solutions across Europe, including BBVA, Klarna, and Vipps MobilePay.

Under the EU’s Digital Markets Act, which granted NFC access to third-party wallets, Visa is collaborating with issuers and domestic schemes in Europe to launch new digital wallets. These wallets not only serve as payment tools but also support P2P transfers, real-time bank payments, and even hold government IDs. With enhanced NFC technology, these wallets can store digital keys, loyalty cards, event tickets, and more.