Viewpoints

Visa’s Blog – Visa Viewpoints

PERSPECTIVES ON DIGITAL CURRENCY

Jul 6, 2011

Migration Watch

MIGRATION WATCH: “As Plastic Reigns, the Treasury Slows its Printing Presses”

In an article titled, As Plastic Reigns, the Treasury Slows its Printing Presses, the New York Times reported that the Treasury Department has dropped the production of currency notes to some of the lowest levels in modern times. Production of $5 bills dropped to the lowest level in 30 years, and for the first time in that period, there were not any $10 bills printed. Further, the piece went on to conclude: 

“The meaning seems clear: The future is here. Cash is in decline.”

While the article points to several examples of U.S. businesses that have gone cashless, such as Commerce Restaurant in New York, Airlines and Manhattan taxis, we at Visa also see this trend taking place globally.

-       Hong Kong Taxis recently went cashless – eliminating the need for riders to fumble for cash. 

-       Indian Railways, the largest rail system in the world, brought fare payments online to reduce the interminable lines at train stations across the Country.

-       Small Indian businesses, ranging from high-end retailers to movie theatres, have started accepting cards citing security and convenience as key benefits.

As we continue to innovate new and better ways to pay and be paid, we believe the benefits of digital currency, like speed, security and convenience, will continue to accelerate the use of electronic payments around the world.

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Posted by: Will Valentine, Visa Corporate Relations on July 6, 2011 at 1:08 pm

Apr 14, 2011

Migration Watch: Online Payments in India

Over the last few years, India has taken giant strides towards accepting electronic payments to cut their costs and give their customers a more secure, convenient and reliable alternative. This momentum has been observed across private and public institutions.

Indian Railways is a good example of a massive state-run entity that is rapidly adopting card payments, particularly online, to reduce the interminable lines at train stations across the country. Today, more than a quarter of a million tickets are sold online every day. It’s a true win-win, since customers save time by not standing in long queues waiting to book tickets and Indian Railways saves rupees every time a ticket is sold through its eCommerce site.

Recently, there was more encouraging news with Information Kerala Mission, the state’s e-governance authority, announcing that citizens of Thiruvananthapuram in the Indian state of Kerala can chose to pay their property taxes online through debit and credit cards. This pilot program will expand to six other cities later this year and is the first phase in the agency’s program enabling electronic payments for professional taxes and other government services. In the words of Sajjad Bhayani, owner of Asiatic Dry Fruits, who we met during our visit: “The new generation, they are all carrying cards. It’s the future.” We couldn’t agree more!

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Posted by: Uttam Nayak, Group Country Manager, Visa Inc. on April 14, 2011 at 4:39 pm