The Visa Foundation Announces Grantee to Support COVID-19 Recovery in Central Europe (including Georgia), Middle East and Africa

Published in Economics
Wednesday, 13 May 2020 17:44

Funds will support relief efforts being undertaken by the Red Cross

Tbilisi, May 13, 2020 – The Visa Foundation today announced its approval of a $1.6 million COVID-19 relief grant to the Red Cross to support their COVID-19 recovery programs across Central and Eastern Europe, Middle East and Africa. The Red Cross is supporting the frontline response to the pandemic and providing critical services for vulnerable communities through public health and disaster relief services.

This grant is part of the Visa Foundation’s previously announced $210 million global commitment, with $10 million in COVID-19 relief focused on the emergency needs announced this week for organizations worldwide and another $200 million to address longer-term needs of the small and micro business community over the next five years. Globally, the Visa Foundation is providing $4.3 million in funding to support the Red Cross’ COVID-19 programs.

“Societies around the world have faced unprecedented challenges as a result of the COVID-19 pandemic, with the outbreak placing immense strain on public health providers and other essential services,” said Andrew Torre, Regional President CEMEA, Visa. “We are incredibly grateful and inspired by the tireless work of all humanitarian organizations at this time, and are pleased the Visa Foundation grants will support the ongoing efforts of the Red Cross.”

Across the CEMEA region, COVID-19 has placed additional challenges on communities, with many already suffering the effects of poverty, insecurity, conflict or climate change. The grant to the Red Cross aims to provide much needed support to continue providing vital services across the region.

“We’re grateful for the amazing work humanitarian assistance organizations are providing to communities around the world affected by the COVID-19 pandemic, “ said Graham MacMillan, president of the Visa Foundation. “The Visa Foundation is proud to offer these grants to support these organizations’ mission-critical work during these perilous times.”

The forthcoming 5-year $200 million program will support small and micro businesses, with a focus on fostering women’s economic advancement, both of which will be critical to long-term economic recovery from the COVID-19 pandemic. This commitment expands the Visa Foundation’s long-standing support for small and micro businesses globally. Additional information on the Foundation’s grant and investment strategy will be shared in the coming months.

For more information: 

About the Visa Foundation

The Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity. For more information, visit https://usa.visa.com/about-visa/philanthropy/visa-foundation.html.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, visa.com.ge, facebook.com/VisaGeorgiaGE

Visa informed banks of the mechanism to process transactions with expired cards

Published in Economics
Wednesday, 22 April 2020 12:21

Tbilisi, Georgia – 22 April 2020 — Visa provided guidance to merchants, issuers and acquirers for operations with expired cards during COVID-19 pandemic to ensure that all Visa cardholders in Georgia can use their cards for payments without interruptions.

During this period, Visa encourages issuers not to decline transactions on cards with expired date and check that their host is configured to accept transactions from expired cards.

If the issuer host is available, issuers should make decisions on the transaction depending on host setup, available funds and account standing. Additionally, if the issuer host is unavailable, on an issuer’s approved instructions, Visa may make changes to the settings to disable validation of the card expiration date.

Visa cardholders with expired cards should contact their issuing banks to check on the operations with their cards. 

“Recognizing the challenges banks may experience with reissuing and delivering cards to their cardholders during pandemic, Visa reminded our client-banks in Georgia of the authorization requirements should a cardholder present an expired card. As Visa we can and will support transactions even with expired date to help our client-banks manage the cards logistics and Visa cardholders pay with Visa - securely and conveniently as usual. We recommend banks to check the configuration on their side and are ready to work with all our client-banks to support the mechanism of processing transactions with expired cards”, said Cristina Doros, Visa’s country manager for the Caucasus region. 

 

# # #

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE

Visa introduces ‘Visa Secure’ – a new program for frictionless payments and improved online experience

Published in World
Tuesday, 21 April 2020 15:46

Visa Secure uses EMV® 3-D Secure specification to provide customers with a better eCommerce experience and support merchants to reduce cart abandonment

Tbilisi, April 21, 2020 – Visa Inc. (NYSE: V), the world leader in digital payments, introduced Visa Secure (previously known as Verified by Visa), an updated program to help make online payments more secure. Available across the Central and Eastern Europe, Middle East and Africa (CEMEA) region, including Georgia, Visa Secure provides rules and policies merchants and issuing banks have to follow to authenticate eCommerce transactions and verify cardholder identity before a transaction can be authorized. 

Visa Secure uses the latest EMV 3-D Secure (3DS) specification, which is the new industry-wide messaging protocol designed to promote frictionless consumer authentication. It enables consumers to verify their identity with their issuing bank or other entity (issuer) when making card-not-present (CNP) eCommerce/online payments. The additional security layer helps prevent unauthorized CNP transactions and helps protect merchants from exposure to CNP fraud. 

Visa Secure has been designed to provide increased fraud protection, minimize cardholder friction, and increase the completion of sales, leading to a better experience for all parties involved. For merchants, Visa Secure delivers greater fraud prevention by sharing up to ten times more data with issuers for better risk analysis and advanced decision making. This helps both merchants and issuers detect and avoid fraud more effectively. Consumers can also benefit from a smoother and consistent user experience across multiple payment channels, including mobile web, in-app and digital wallet payments, without any compromise in security.

Cristina Doros, Visa country manager for the Caucasus region: “Visa has been helping online merchants and issuers identify potentially fraudulent transactions with 3DS for nearly 20 years. eCommerce in Georgia is growing rapidly. Consumers expect always-on connectivity with mobile devices and rely on retailers to provide payment experience both secure and frictionless. That is where the new Visa Secureprogram comes into effect. Visa Secure offers significant enhancements in eCommerce fraud detection capabilities for issuers and merchants and can reduce friction for cardholders at checkout.”

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About Visa Inc. 

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE

 

Visa supports increase in PIN-free contactless transactions

Published in Economics
Monday, 13 April 2020 13:58

Visa Easy Payment Service limit increase to 160 GEL allows consumers to simply and securely tap-to-pay for larger purchases without the need to enter a PIN. 

Tbilisi, Georgia – 13 April 2020 — Visa (NYSE: V) today announced it is supporting an increase in the Card Verification Method limit to 160 GEL in Georgia, allowing consumers to simply tap-to-pay using their card, mobile phone or contactless wearable device for larger purchases.  The increased PIN-free limit is a 60% increase from the previous amount of 100 GEL, giving Georgian consumers even more convenience for more everyday transactions.

Contactless technology provides the fastest, most convenient and highly secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments.  With more than 95% of transactions in Georgia[1] already made with contactless, the increase will continue to improve consumers’ shopping experience.

“In terms of payments Georgia has been developing as a contactless country and today is globally #1 in terms of contactless penetration in domestic face-to-face transactions[2].  When consumers tap-to-pay they love the smooth, fast and secure experience, and we know that people want to use contactless to shop now more than ever,” said Cristina Doros, Visa’s country manager for the Caucasus region.  “We are committed to driving innovation and offering consumers and merchants the best way to pay, and are looking forward to supporting the further growth of highly secure contactless technology by increasing PIN – free payment limits in Georgia.”

When paying by digital  using your smartphone or smart watch, the PIN code is not required for a transaction for any amount.

In addition to convenience, contactless cards using Visa Easy Payment Service experience some of the lowest fraud rates of any type of payment, and fraud rates at point-of-sale remain at historic lows in countries where contactless payments are widely used. 

 

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE



[1]& 2 Data source: Visa data, as of February 2020

 

Visa Foundation Commits $210 Million to Support Small and Micro Businesses and Immediate COVID-19 Emergency Relief

Published in Economics
Wednesday, 08 April 2020 14:51

SAN FRANCISCO/Tbilisi (April 7, 2020) – The Visa Foundation today announced a commitment of two programs totaling $210 million to support small and micro businesses, aligning with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local communities following the spread of COVID-19.

The first program of $10 million is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as public health and food relief, in each of the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific; and Central Europe, Middle East and Africa.

“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support,” said Al Kelly, CEO and chairman of Visa. “As a global company that operates a very local business, we recognize this need. We’re also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.”

The second program is a five-year, strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. This action expands the Visa Foundation’s long-standing support for small and micro businesses globally. The funds from the Visa Foundation will provide capital to non-government organizations (NGOs) and investment partners supporting small and micro businesses.

Small and micro businesses are the backbone of the global economy, accounting for more than 90 percent of worldwide businesses and contributing 50 to 60 percent of global employment.[i] There is a $300 billion annual credit deficit in funding for women-owned small and micro businesses, which is expected to grow given the recent economic turmoil unfolding due to COVID-19.[ii]

“Now more than ever, we must accelerate our support for small businesses on the frontlines driving economic growth,” said Kelly. “As many small and micro business owners are women, there will be a ripple effect supporting women’s economic advancement, which we believe is one of the most important ways to achieve gender equality, reduce poverty and foster inclusive economic development.”

Through the $200 million small and micro business program, the Visa Foundation will provide $60 million in grants to NGOs dedicated to supporting small and micro business owners, many of whom are women, in every region where Visa operates. The Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.

“Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women’s economic advancement globally” said Graham Macmillan, President of the Visa Foundation. “When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.”

For more information:

About the Visa Foundation

The Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE

Georgia is leading the way in delivering fast, easy, secure payments at checkout

Published in Economics
Thursday, 16 January 2020 16:54

Consumers embracing benefits of tapping to pay with Georgia leading contactless penetration in domestic transactions globally followed by Australia, Czech Republic, Hungary and Cyprus

Tbilisi, Georgia, January 16, 2020— Visa today announced that Georgia is now leading the way globally to improve checkout through fast, easy and secure contactless payments. Georgia’s contactless penetration is now over 95% in domestic transactions[1].  

For many years, Georgia has been front and centre in terms of the adoption and use of payment innovations. Visa has been actively working to improve the checkout experience for consumers by introducing the speed, convenience and security of contactless payments. Consumers in Georgia have quickly embraced the benefits of tapping to pay with contactless cards and digital wallets with more than nine out of every 10 face-to-face domestic payment transactions occurring with a tap in the market.

“At Visa, we are proud of, and excited about yet another historic accomplishment achieved by Georgia. Georgia has always been a pioneer in adopting new payment solutions, right from being the first country in the CISSEE region[2]  to conduct a contactless transaction in a drugstore back in 2009 and now, with the recent launch of Apple Pay.  

Georgia reaching number one globally by contactless penetration is a success that’s shared with all our partner financial institutions and market stakeholders and I want to thank them all for their trust in Visa and passion towards bringing innovative solutions to Georgian consumers. We are committed to driving innovative payment solutions even further and offer our partners and Visa cardholders the most advanced and secure payment tools and experiences to maintain Georgia’s leadership in cashless payments and further support the country’s digital transformation goals.” – said Cristina Doros, Visa Country Manager for the Caucasus region.

Key milestones of Georgia’s contactless payment journey over the last 10 years[3]:

  • 2009- Together with Liberty Bank Visa completed the first Visa Contactless transaction in the CISSEE region;
    • 2013 - Jointly with Bank of Georgia, Visa launched contactless acceptance at McDonald’s restaurants across the country;
    • 2013 - TBC Bank initiated a large-scale deployment of contactless POS terminals and issued a series of iconic Visa contactless card designs and stickers. Later, TBC Bank cemented these achievements by enabling the 1st Visa Contactless mobile point-of-sale (mPOS) solution ;
  • 2015 - VTB Bank Georgia launched host card emulation (HCE) technology enabling mobile payment services – to enable payments just by tapping a mobile phone to any contactless POS terminal;
  • 2016 - Together with Bank of Georgia Visa launched Visa Token Services, to accelerate disruptive innovation in eCommerce and mobile payments;
  • 2019 – Georgia became the first country in the Caucasus where Apple Pay was launched.

 About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit www.corporate.visa.com, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE, www.visanewscissee.com



[1] Source: Visa data, as of November 2019

[2]CISSEE - Commonwealth of Independent States and South Eastern Europe

[3] Visa data, 2009-2019

Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion

Published in Economics
Monday, 30 September 2019 17:32

Visa and Revolut expand successful partnership in Europe, adding 24 new markets globally to deliver more consumer choice and flexibility in personal finance management 

SAN FRANCISCO & LONDON – September 30, 2019 — Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion. 

Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore andthe United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam

“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Nikolay Storonsky, founder and chief executive officer, Revolut. “The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.” 

“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as Revolut looks to achieve their global growth ambitions and collectively drive increased volume on the Visa network,” said Jack Forestell, chief product officer, Visa. “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.” 

Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative first began issuing Visa cards to its customers across Europe in July 2017. Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today. 

Over the last four years, Revolut has been at the forefront of global financial innovation. In an effort to enable consumers to better manage their money digitally, Revolut and Visa will allow for: 

  • Flexible, Customized and Seamless Banking Services: Revolut customers can receive instant spending notifications, monthly spending breakouts and budgets by individual categories. The option to complement the existing Revolut app with Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, will offer the security and speed consumers expect when they use their Visa. 
  • Seamless, Low Cost Currency Exchange: As one of the most affordable options, Revolut customers can spend globally in over 150 currencies and hold and exchange up to 29 currencies and cryptocurrencies - including bitcoin, the Canadian Dollar, U.S Dollar, Mexican Peso, British Pounds and Euros - directly in the app using the interbank exchange rate. 
  • P2P Payments: With the tap of a button, consumers can instantly send and request money for free and split the bill at restaurants and bars with any Revolut customer globally. 

 The Visa and Revolut global deal builds on Visa’s long-term commitment to fintechs and bolsters the company’s strategic business priorities, including: 

  • Visa Direct, Visa’s platform that enables faster payments to over a billion financial accounts worldwide  
  • Visa’s suite of B2B payments solutions for small and medium businesses and global enterprises 
  • Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs 

About Visa Inc. 

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and  @VisaNews

About Revolut  

Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by letting them spend and transfer money abroad with the interbank exchange rate, the company has since attracted over 7 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange. 

To date, Revolut has raised approximately $340 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. 

Changing the Game: Visa Sets Sights on a “Cashless Japan” with One Year to Go to the Olympic Games Tokyo 2020

Published in Economics
Thursday, 25 July 2019 16:11

Visa and its partners build a digital legacy for Japan and help to accelerate economic growth

SAN FRANCISCO and TOKYO – July 25, 2019 – With one year to go until the Olympic Games Tokyo 2020, Visa (NYSE: V), the Worldwide Payment Technology Partner of the Olympic Games, is preparing innovative payment experiences for athletes, visitors and citizens in support of the government’s “Cashless Japan” imperative to double the total of payments made digitally to 40 percent[1] by 2025. With the Olympic Games Tokyo 2020 expected to be the most innovative Olympic and Paralympic Games yet, Visa is in a unique position to help the Games become a catalyst for delivering the best in digital payments to Japan. 

“There is virtually no other market in the world today that compares to Japan – it is the world’s third largest economy and a leader across many industries, yet commerce remains predominantly cash-based,” said Stephen Karpin, Representative Director & Country Manager of Japan, Visa. “Visa embraces the Olympic Games as an opportunity to offer cutting-edge payment technologies at venues and the Olympic Village, and throughout the host country to truly enhance the fan experience. For Tokyo 2020, we are planning experiences that will leave a lasting impact on the country, with the goal of helping accelerate economic growth, while providing the Japanese community and visitors with a ‘wow’ experience on-the-ground.”

Supporting the Road to a ‘Cashless Japan’

Today, only about one-fifth of all payments in Japan use digital methods compared with around 90% in South Korea and roughly 60% in the U.S and 70% in China.[2]  With 40 million[3] visitors expected to arrive in Japan next year, Visa has a range of initiatives underway to ensure the best possible commerce and payments experiences, including:

  • Growing Digital Payment Acceptance: To address the current prevalence of cash, Visa is working closely with merchants in a wide range of business categories, including Quick Service Restaurants (QSR), transit and convenience stores, to upgrade and enable contactless point-of-sale (POS) and to drive adoption for digital payments prior to the start of Tokyo 2020.

 

  • Team Visa for Cashless Japan: Since 2000, Visa has supported Team Visa, a diverse roster of global athletes who compete in a wide range of events, representing the brand on-and-off the field of competition. Team Visa athlete and Japanese Olympic hopeful in the newly added sport of surfing Kanoa Igarashi is “riding the cashless wave” in Visa’s marketing campaign, already live in Japan. Throughout the year, Visa will continue expanding the Team Visa roster, highlighting Olympic and Paralympic hopefuls and promoting the use of digital payments.

 

  • Building a Partner Ecosystem: As the world’s leader in digital payments, Visa drives innovation to its 3.4 billion accountholders through a wide group of financial services, merchant, technology and fintech partners. To further grow its network in Japan, Visa has launched Visa Fintech Fastrack to make it quicker and easier for fintechs to build and deliver new digital commerce experiences on Visa’s payments network. Visa has also recently partnered with LINE Pay Corporation, operator of digital wallet and fintech services on the LINE messaging app to encourage digital payment adoption.

 

  • Games-time Innovations: As the exclusive payment technology sponsor, Visa is in a unique position to bring cutting-edge payment technologies to every Olympic Games, often trialing technology not yet commercially available. At the Rio 2016 Olympic Games, Visa offered a payment-enabled ring to its Team Visa athletes. At the PyeongChang 2018 Olympic Winter Games, Visa commercially sold wearable products, such as gloves and lapel pins, enabled to make payments over contactless payment readers. For Tokyo 2020, Visa is exploring payment innovations ranging from biometric payment authentication and wearables to new mobile applications which will include digitally-issued cards.

 

  • Measuring Inbound Global Travel & Spend to Japan: According to Visa’s Global Travel Intentions (GTI) Study, Japan has overtaken the United States as the most popular destination within the past two years among the international travelers surveyed. In the lead up to the Olympic Games, Visa will continue to share consumer travel and spend data and predictions on Olympic-related tourism trends, to help prepare local merchants for an influx of foreign travelers.

 About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

Visa announced the appointment of Cristina Doros as Visa Country Manager for Caucasus Region

Published in Economics
Thursday, 04 July 2019 16:44

Kyiv, Ukraine – July 4, 2019 - Visa today announced the appointment of Cristina Doros as Visa Country Manager for Caucasus region. In her new role, Cristina Doros will focus on growing the electronic payments business in Caucasus region by increasing Visa’s footprint in these markets, and enhancing value it provides to banks, merchants, and cardholders.

We are excited to announce the appointment of Cristina Doros to the position of Country Manager of Caucasus. With proven management and leadership skills, an in-depth knowledge of payments and a strong understanding of the regional business, I am confident that Cristina will lead the business to greater heights reflecting the importance we place on the countries of Caucasus region,” said Vira Platonova, SVP, Group Country Manager for Visa CISSEE.

Cristina Doros brings more than 20 years of experience in retail banking, information technology, innovations, cards and mobile payments. Since 2016, Cristina joined Visa to lead the regional Core Products team, and has been acting Vice-President, head of Solutions, Visa CISSEE since 2019 overseeing Core products (Debit, Credit and Premium), Loyalty platform development, Digital Solutions and Push Payments, all foundational for the proliferation of electronic payments. Remarkable milestones of Cristina’s professional successes include enhancement of Premium benefits, launch of Loyalty program in Ukraine and Belarus, contribution to launching Tap to Phone SME technology, etc.

After my fascinating experience as a head of Visa CISSEE Products team, I am thrilled to lead Visa business in the Caucasus region. This is an exciting and challenging opportunity to bring more innovations and benefits to our clients and partners and to strengthen our presence in the market, shaping the future of payments and driving innovations across the region.”- CristinaDoros said.

***

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit About Visa, visa.com/blog and @VisaNews.

 

About Visa

Anna Serdyuk

Director, Corporate Communications

Visa CIS&SEE

+38 044 22 00 300

This email address is being protected from spambots. You need JavaScript enabled to view it.

Visa Acquires Control of Earthport

Published in Economics
Monday, 20 May 2019 17:25

Visa’s Ownership of Earthport to Bring More Speed, Simplicity, Transparency and Trust to Global Payments 

Tbilisi – May 20, 2019 —Visa Inc. (NYSE: V) today announced it has acquired control of Earthport (AIM:EPO), a company that provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network.

Currently, Visa enables payments to be sent to or from Visa cards. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. With the acquisition of Earthport, Visa expects to be able to reach the vast majority of the world’s banked population and allow them to easily, quickly and securely move money worldwide. 

Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally today[1], but the process is harder and more complex than it should be. Money can take days to arrive because of outdated, inefficient and costly methods.

This transaction can solve for many use cases including payroll and international person-to-person and business-to-business remittances. Take the example of a global marketplace that employs contractors globally who have to get paid in their local currencies. Today, that company may be paying its workforce using inefficient, expensive wire transfers that can take days to arrive. With the combined capabilities of Visa and Earthport, Visa can be the single network for these payments, helping to pay contractors and employees around the world, quickly and safely[2].  

“Visa is modernizing the way we move money by making it quicker, safer and easier to pay and be paid than ever before,” said Bill Sheley, head of global push payments, Visa. “The acquisition of Earthport unleashes the power of Visa by taking us ‘beyond the card,’ empowering us to enable our clients to make payments through bank accounts around the world.”

Earthport’s technology will allow Visa to further expand and scale Visa Direct’s rapidly growing portfolio of use cases, including funds disbursements, peer-to-peer payments, cross border payments, marketplace payouts, and bill payments. Over the last 12 months, Visa Direct’s transaction count growth has continued to be over 100% - showing the demand for faster, smarter money movement among consumers and businesses around the world.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere.  As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visavisacorporate.tumblr.com and @VisaNews.

About Earthport

Earthport (AIM: EPO)  provides cross-border payment services to banks, money transfer service providers and businesses via the world’s largest independent ACH network. Customers gain new levels of predictability, transparency and cost-efficiency without intermediary deductions or landing fees. This is underpinned by bank-grade compliance expertise, providing peace of mind to clients, and end-to-end FX, treasury and cash management solutions to support customers with their growth.

 
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