Visa discuss FinTech innovation
Visa is a respected name across the finance, cards, payments and credit industries because of their long history of innovation and adaptation to stay at the forefront of their market. Now, one of their executives has spoken about the future of innovation in FinTech, and it is an interesting read.
FinTech, is an exciting and hugely creative sector, which, as is suggested by the name, brings financial services and technology together. Visa has been a prominent player in this industry since it really began to emerge over the last decade.
So, when they release their thoughts on the state of the sector, and what to expect in the near future – people listen. Recently, this was the case when Bill Gajda, senior vice president of innovation and strategic partnerships at Visa Europe blogged on the matter.
Gajda was quick to suggest that one of the trends that Visa expects to emerge this year is an ‘acceleration in the transformation of POS payments’. He said:
“In the last year, there have been tremendous strides made in payments made with mobile. Now, we expect to see similar growth in acceptance, as well. The expansion of affordable mobile tech – as well as the expected expansion of popular names such as Square and iZettle will mean that mPOS will become increasingly popular for small to medium businesses, many of whom lose up to 25% of their footfall because they do not currently accept payments, according to a Visa consumer survey.”
He goes on to outline his expectation that ‘push payments’ will continue to increase. He draws upon the 2016 Digital Payment study of more than 36,000 consumers across 19 countries that found that 59% of people surveyed had used their mobile device to transfer money to friends and family.
Gajda adds: ‘From person to person payments to user authentication, we see large companies and entrepreneurs, alike, looking to new ways that they can leverage it to continue making payments faster, easier and safer than ever. We also think that microservices such as tokenisation will enable the developments of customisable solutions based on consumer need rather than a “one-size-fits-all” approach.’
Visa clearly have their eyes firmly focused on the horizon, which will help them continue to adapt and provide market-leading products that take into account these expected trends.
Dominion holds Visa in its Global Trends Ecommerce Fund.
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