Visa looking to co-create the commerce experiences of the future

06/27/2016

76% of Kiwis interested in new ways to pay¹

AUCKLAND - Visa, the global payments technology company, has today shared how it is transforming its business to embrace global payment trends and changing customer needs to drive payments innovation and new commerce experiences now and in the future.

Speaking at an event at Grid AKL, Auckland’s Innovation Precinct in Wynyard Quarter, Visa’s Country Manager for New Zealand and South Pacific, Marty Kerr, says Visa is investing heavily in its business to evolve and is embracing the three major trends driving change in the global payments industry – open innovation, improved customer experiences and the Internet of Things.

Open innovation

“With the pace of change in our industry, it is clear innovation can come from anywhere, it’s no longer delivered just by large corporates. Start-ups and end users are playing a role in designing new products and services,” said Kerr.

Improved customer experiences

“Customer experience is more important than ever because people expect instant gratification and technology advances make that possible. People don’t want to queue anymore, they want to ‘fast-lane’, with mobile apps allowing customers to order ahead to meet the demand for speed and convenience. It’s critical businesses in New Zealand meet the demands of time-poor customers, however innovation shouldn’t be just for innovation’s sake. New customer experiences need to add value to people’s lives to be relevant and they must drive a business forward,” he said.

The Internet of Things

The Internet of Things, another of the major trends that Kerr highlights, is powering an increasingly connected world of devices that are getting smarter. “The Internet of Things isn’t a new trend, but we have only scratched the surface of how connected devices will transform our lives,” he said. “The most successful use cases for the Internet of Things will be those that offer the best customer experience and that can include a seamless payment solution.”

Visa sees the impacts of these trends on businesses and consumers as significant, particularly given the appetite of Kiwis for new payment experiences. Research commissioned by Visa shows three out of four Kiwis are likely to try out or adopt new ways of paying².

To stay at the forefront of payments innovation Visa is opening its network to collaborate with businesses and developers, large and small, through its Visa Developer platform.

“Collaboration is key to innovation and many businesses are realising not everything needs to be built in house. With the power of APIs and platforms like Visa Developer, we are co-creating the commerce experiences of the future,” he said.

For the first time in the company’s history, developers at merchants, financial institutions, technology companies and start-ups have open access to Visa technology, products and services through Visa Developer.

“Visa’s vision is to create an open marketplace where developers can publish their own digital commerce and payments application, download examples of what others have built and collaborate with financial institutions and merchants to bring solutions to market.”

Payment innovations Visa has brought to New Zealand include Visa payWave, contactless payment technology on the card and mobile; Visa Checkout, a seamless online payment service allowing secure and convenient payment on any device; and Visa Token Service technology, which provides a new layer of security for mobile and digital payments using a unique digital identifier (a ‘token’).

 

^1&2 YouGov survey of 500 people in New Zealand, April 2016.

 

About Visa

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.

Media contact:
Teneille Rennick
+61 449 892 915
[email protected]