The way we pay for goods and services has changed for many people in recent years, as cash increasingly finds itself frozen out by card or digital payments.
Visa processes billions of transactions every year through its myriad of services, and at the recent Mobile World Congress, ITProPortal spoke to Mike Lemberger, European head of product & solution, about just how the company is helping spur on a new generation of payments.
The first challenge for many businesses, of course, is making sure that customers actually go through with their transaction, and whether online or on the high street, Lemberger explains that Visa is helping firms of all sizes.
"The value of a transaction...has forever been the cornershop or dry cleaner's conundrum, around how much consumers are willing to pay for," he says, highlighting how Visa’s push for contactless is helping transform businesses of all sizes.
But with the wealth of data being created by e-commerce, more and more insight can now be provided to businesses about their customers and how they shop, allowing for tailored retail experiences that should keep users coming back again and again.
"In the online world, everyone is cost-conscious...People and payments are coming together more and more, and the data that is the underlying piece of it, which is actually the most important thing that we're capturing,” Lemberger says.
Gaining an insight into customer spending habits can be the difference between an online business succeeding or failing, he notes, particularly mentioning checkout abandonment as “the fish that got away” for any business.
Visa is well placed to help companies of all sizes, Lemberger says, as it can act as, “the steward of the transaction”, helping customers complete the process whilst ensuring all payment details are kept secure.
E-commerce and banking are set to undergo radical transformation in Europe during 2018, as the GDPR and PSD2 regulations come into force. Lemberger notes that not just banks, but governments and corporations, will all be looking to Europe as the model of this new form of financial compliance.
"There are a bunch of things that Europe is teaching the rest of the world, and it's really exciting," he says, noting that GDPR in particular may benefit customer experiences overall, although there may be initial hiccups.
For now though, Visa is focused on continuing to expand its reach across the entire payments spectrum. From contactless to smart cars, the company is hoping to make payments smoother and more intelligent for customers around the world.
As Lemberger says; "There are thousands of companies looking to help businesses transform - for Visa, we are working with our biggest partners and biggest clients to make an incremental difference..but it's part of the evolution, and we're excited about that."
“Everyone feels that transformation is coming, but technology is always transformation.”