Contactless Technologies Increase Financial InclusionSun, 03/08/2020 - 08:05
Q: What is Visa’s main differentiating value compared to others in the market?
A: Visa is a company with unparalleled scale, innovation, security and brand recognition. We have a diverse portfolio in consumer payments products and when merchants accept Visa, they gain access to 3.2 billion Visa cardholders. We innovate to provide intuitive experiences by developing, in collaboration with multiple partners, consumer-centric products, solutions and services, so people can continue paying easily and securely.
Q: How much progress has Visa Mexico made in its goal to market Near Field Communications (NFC) terminals among clients?
A: Contactless technology can help ease the transition from cash to electronic payments. Visa has worked with the industry to quickly advance the deployment of products and enabling mobile points of sale. Visa has made great progress with several business partners to support the adoption of contactless technology, which is critical as it will pave the way for next-generation payment technologies, including mobile phones, wearables and other IoT devices.
Q: How does Visa collaborate with the industry and the government to improve financial inclusion?
A: Digital technologies are bringing people together. We have a responsibility to make sure everyone is included in the global digital marketplace. With over 60 percent of the adult population excluded from financial services in the country, paying with cards is limited to specific sectors of the socioeconomic pyramid. We collaborate with governments and with other industry players to promote financial inclusion following two central strategies. One is oriented to expanding access to products and solutions designed to meet customers’ needs. The other is to increase acceptance of digital payments, as only 10 businesses accept cards per 1,000 inhabitants in Mexico.
Collaboration is key in transforming the digital payment environment. In partnership with OXXO and Citibanamex, it is possible to obtain a Saldazo debit card in just five minutes at any OXXO convenience store and there are already more than 8 million accounts. In addition, we are supporting the Mexican government’s social programs with our bank partners Banco Azteca and Banorte. As more and more players in the industry move toward digitalization, we need to make sure consumers are not left behind.
Q: Samsung Pay for Visa has been available in Mexico since January 2018. How has the service performed and what is next?
A: Samsung Pay has received a positive response. Visa cardholders with access to Samsung Pay have adopted a faster and convenient mobile payment method in Mexico. Besides the seamless experience, transactions are protected by multiple layers of security, including Visa Token Service. Consumers are more demanding and move quickly to participate in the world of digital transactions. We are supporting our clients to offer consumers a safe, simple and consistent purchasing experience, regardless of where they are and what device they are using.
Q: Visa and the Ministry of Tourism are collaborating to boost the growth of tourism in Mexico through digital transformation. What is Visa’s role in this project?
A: Tourism is a major engine for economic growth in Mexico and digital transformation is key to boost further development. When payment acceptance is improved in the country’s tourism destinations, consumption is facilitated and the experience is better for tourists. Our work with governments allows us to drive acceptance and promote the use of electronic payments in those destinations. Visa also has access to a large amount of information that we share with the government to strengthen tourism strategies.