PARIS, France, June 30. Visa continues to transform its business amid rapid changes in the global payments industry, expanding its technological capabilities and range of services for customers, Visa's Group President, Oliver Jenkyn, said, Trend's special correspondent reports from the event.
He made the announcement at a briefing held as part of the Visa Payments Forum in Paris.
“Amid all the changes taking place in our industry, Visa is also compelled to evolve. We are changing, and we want to share with our clients exactly how the company is transforming. But no matter what changes occur, one principle remains constant: everything Visa does is aimed at supporting our clients,” he said.
According to Jenkyn, a client-centric approach remains the foundation of the company’s operations.
Visa’s Head of Global Markets emphasized that the company maintains its leading position in the global market.
“Today, Visa operates in more than 200 countries and territories, connects over 175 million merchant locations worldwide, and processes approximately one billion transactions daily. According to him, the company is also among the top ten most valuable global brands,” he said.
At the same time, Jenkyn noted that Visa’s transformation is accompanied by the active development of new technological solutions.
“Today, we already have 18 billion tokens that provide additional protection for payment details, as well as 18 billion endpoints on the Visa Direct platform for money transfers. Our additional services division offers more than 200 solutions, of which over 150 use artificial intelligence technologies,” he said.
He also discussed the company’s strategic priorities, emphasizing that Visa’s mission is to make the process of paying and receiving payments as convenient as possible for all market participants.
“Our strategy is to improve the well-being of people around the world while remaining the best way to pay and receive payments. At the heart of this strategy are our brand, innovative products, technology platform, security, and our employees,” Jenkyn noted.
According to him, Visa’s business today is built around three key areas: consumer payments, Commercial Money Movement Solutions, and Value-Added Services.
Speaking about the consumer payments segment, Jenkyn noted that, despite years of development in card payments, the market’s growth potential remains enormous.
“We’ve been involved in consumer payments for decades. But trillions of dollars still circulate in the global economy in the form of cash, checks, and other inefficient payment methods. This means we still have many years of growth ahead of us,” he emphasized.
He paid special attention to the development of solutions for the movement of funds between various categories of market participants.
"Money moves not only between consumers and businesses. These include transfers between individuals and companies, payments from businesses to consumers, government payments to citizens, and payments from citizens to the government. The volume of these transactions significantly exceeds that of the consumer payments market; however, the infrastructure supporting such transfers is still considerably less developed. That is why, together with our clients, we are actively investing in making these processes even faster and more convenient. One of our key areas of focus is B2B payments,” Jenkyn said.
He identified Visa’s additional services as the third strategic area, which enable clients to reduce the costs of developing their own payment infrastructure.
"Today, maintaining a modern payment infrastructure is extremely challenging. It requires massive investments in authorization, clearing, settlement, security, reliability, chargeback management, digital platforms, agency commerce, stablecoins, and many other areas. Many of our clients say: ‘We have twenty payment-related projects, but in reality, we only want to focus on four or five. The rest are just to keep up with the market,’ Jenkyn noted.
According to him, Visa currently offers issuers, merchants, and financial institutions a wide range of solutions in the areas of risk management, digital identification, cybersecurity, marketing, consulting, and managed services, helping clients improve their business efficiency.
