We are honoured to welcome Visa as a sponsor at 4YFN19. From the roll out of now nearly ubiquitous contactless payments to the introduction of Visa Checkout to speed up personal payments, Visa has been instrumental in driving forward innovation in commerce.
To get a better understanding of how the evolution of payments is impacting the startup ecosystem, we spoke to Bill Gajda, Visa’s SVP, Digital Partnerships, FinTech and Ventures. Here he tells us about Visa’s view on the future of money and what the trends in payments look like worldwide.
At Visa we don’t believe money is going to disappear, we will still need to manage our money and juggle complex financial lives. We need to plan when and how and where we spend. However, we expect new payment methods, channels and innovations to determine how we pay and get paid.
Wherever implemented, contactless cards have taken off rapidly as consumers embrace this fast, simple and secure way of tapping to pay. Many markets around the world have gone from single digit penetration to over 50% in the last few years including Australia, the UK and Canada. Nevertheless, the payment space is experiencing rapid transformation and we’re seeing new technologies emerge all the time.
Mobile payments are increasingly popular and have been adopted widely across Europe and beyond. As consumers continue to embrace smartphones, Mobile payment services – Apple, Google and Samsung- make digital payments even more accessible to consumers globally, resulting in an increasingly cashless world.
At Visa, we also believe that biometrics will play an important role in the future of payments. Today, millions of people are using their fingerprint to pay in-store and in-app with their mobile devices.
As the payments industry moves away from static data elements such as PINs, passwords, and security codes, we believe that biometrics can and should play a greater role in the authentication experience.
We do this through ensuring that we provide clients and partners access to an open platform that serves 3.2 billion account holders. Our Visa Developer Platforms also provides simplified access to many of our most in-demand products and services, allowing anyone to transform great ideas into new digital commerce experiences. We also collaborate with a broad range of partners from BigTech to FinTech enabling innovation to flourish so that ultimately, consumers have choice. Our FinTech fast-track programme is designed to on board disruptive start-ups in as little as 4 weeks so they can leverage our access, network, reach and expertise to grow their business.
Most of all, we have a relentless focus on looking ahead. Core to our success is Visa’s ability to anticipate the future and evolve so we continue to partner and invest in forward thinking technology that helps us achieve our vision of being the best way to pay and be paid for everyone, everywhere.
The entire payments ecosystem has seen an onslaught of new ways to pay that go far beyond the card and make digital payments even more accessible to consumers globally. Examples include the growth of QR codes across Asia; increase in payments capabilities in messaging platforms (e.g., Facebook Messenger, WeChat, LINE), mobile payment services (e.g., Visa Checkout, Apple Pay, Google Pay, Samsung Pay); IoT devices that can make almost anything a point of sale (STAT: By 2020, 21 billion devices will be connected to the Internet) and even blockchain-powered payments protocols that are designed to operate leveraging the trusted and reliable payment ecosystem (e.g., B2B Connect)
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