Author: Aivie Rivera
Visa is a leading provider of electronic payment services. Since its inception in 1958, Visa has expanded to over 200 countries with more than 100 million merchants worldwide.
Over the past few months, Visa has issued more than 3.8 billion cards and processed more than 232 billion transactions. Here are some of the most recent developments from this financial behemoth and how they may impact your company.
Environmentally Friendly Place.
Over 500 transit agencies worldwide have partnered with Visa to provide contactless payments to various modes of transportation. Visa is also supporting zero-emission cars, such as electric vehicles (EV), to reduce greenhouse gas emissions.
Visa has joined the Charging Interface Initiative (CharIN), an organization dedicated to advancing worldwide standards for electric vehicle charging.
Sustainability
The Visa Eco Benefits Bundle, a new offering from Visa, aims to incentivize cardholders to adopt environmentally-friendly habits. The company promises tools and education to help consumers better understand the climate impact of their purchasing patterns and prizes for those who engage in sustainable spending behaviors are included in the bundle. Visa has also teamed up with some of the world’s most prominent banks to encourage “green spending” by rewarding consumers who do so.
Travel and Tourism
Together with Booking.com, Skyscanner, Trip.com Group, and Tripadvisor, Visa has established the Travalyst, a sustainable travel alliance intending to improve the environmental impact of tourism and travel.
Recently, Travalyst welcomed Google and Expedia as new coalition participants, and the three companies together unveiled their standardized methods for measuring carbon emissions associated with air travel.
Digital Security
There has been a 50% increase in online commerce since the beginning of the pandemic. Due to the epidemic, financial technology seem vulnerable, as criminal organizations were able exploit the crisis.
Customers have avoided committing $31 million worth of fraudulent transactions in the Fiscal Year 2021, thanks to Visa’s more than 1,000 full-time information security specialists.
The Visa Account Intelligence tool and machine learning capabilities allow it to detect fraudulent activities even before it begins.
Authentication 2.0, a project of Visa, has reduced fraud by 28% by replacing cardholder information with an identifier that is unique to each transaction.
A new solution from Visa, Cloud Token Framework (CTF), seeks to increase acceptance rates for card-not-present transactions while improving security.
Digitalization Initiative to Help Small and Medium Scale Businesses. (SMBS)
Small and medium-sized businesses (SMBs) make up 99.9% of all enterprises in the United States and employ nearly half of the workforce. To help SMEs Visa made pledges to promote digitalization:
- The Visa Foundation’s Equitable Access project has pledged $200 million to aid small and medium-sized businesses (SMBs) impacted by the pandemic.
- Consumer credit interchange prices have been lowered in-store and online.
- More than $9 billion has been spent on network security and fraud prevention since 2008.
- Small business owners can use Visa’s Small Business Hub, which includes digital enablement tools and solutions, to help them reach more customers.
- They created the Back to the Business directory to make locating and supporting businesses in their area easier for locals.
- Small company grant programs such as She’s Next, Empowered by Visa, and the Visa Everywhere Initiative are examples of this type of assistance.
Conclusion
Apart from enhancing its feature to make payment safer, Visa is trying its best to impact several industries, including tourism and health. The finance giant has also proven to be a fan of small and medium-scale businesses in America by offering amazing offers to help entrepreneurs conquer more regions.