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PERSPECTIVES ON DIGITAL CURRENCY

May 5, 2011

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Joe Saunders on Mobile and eCommerce Payments

During today’s second quarter 2011 financial results webcast, Visa Chairman and CEO Joseph Saunders highlighted how Visa has been working hard to develop a “Visa-quality” payments solution that brings reliability, security and convenience to mobile and eCommerce environments. Saunders delivered the following remarks excerpted below:

As all of us know, the way people connect and transact across the globe is changing dramatically, driven by two global forces:

  1. The continued secular shift from paper-based to electronic payments that still largely occurs at the physical point of sale; and
  2. The widespread adoption of mobile and Internet technology.

These forces are converging, and consumers and merchants are looking for payments solutions that harness these technologies. To that end, we have been working hard to develop a “Visa-quality” payments solution that brings reliability, security and convenience to mobile and eCommerce environments.

In our view, a globally viable payments solution must have five fundamental characteristics — convenience and simplicity, standardization, interoperability, global accessibility and security. None of the solutions we have seen from competitors are comprehensive enough because they don’t address all of these criteria at once. Visa has long delivered solutions at the physical point-of-sale that passed this test, and we are applying that same standard in the online and mobile arenas.

Look for us to make an announcement on our global eCommerce and mobile strategy later this month.

Posted by: Will Valentine, Visa Corporate Relations on May 5, 2011 at 3:15 pm