Viewpoints

Visa’s Blog – Visa Viewpoints

PERSPECTIVES ON DIGITAL CURRENCY

Jun 17, 2013

network

Enabling the Future of Payments Through VisaNet

Technology continues to transform payments and it is changing the way consumers all over the world shop, pay and get paid. The advent of the Internet, mobile phones and social networks has started an unprecedented expansion of the payments ecosystem and ignited a series of innovations. From eCommerce and cross-border remittances, to mobile wallets and acceptance devices, consumers never before had so many options on how and where to transact.

As the consumer shopping experience evolves, so does the backbone technology that enables transactions from all over the world to be authorized in less than a second and settled to the penny every time. VisaNet, our global payments network, is an integral part of this backbone. It connects more than two billion debit, credit and prepaid accounts to nearly 15,000 financial institutions and 36 million merchant locations in more than 200 countries around the world. In its data centers, more than 82 billion transactions in 175 currencies are processed yearly, representing US$6.5 trillion in total volume.   

For more than 50 years Visa’s network has played a key role in reducing cash spend across the globe. When we started as a pilot in Fresno, California, in 1957, we could not imagine that electronic payments would turn into one of the best success stories of the 20th century. Today, it is hard to imagine a world without them. From a cup of coffee to a refrigerator, we pay for nearly everything with payment cards. They stimulate economic growth, reduce inefficiencies and benefit consumers, businesses and governments around the globe.

To stay one step ahead of the global adoption of electronic payments, we’ve continuously expanded and enhanced VisaNet. We have built and acquired secure payment gateways, such as Cybersource and Fundamo that enable merchants, financial institutions and mobile network operators to more easily connect to Visa and offer consumers innovative new ways to pay. From mobile offers and transaction alerts delivered via SMS text message, to mobile payments on the go and at physical retailers, the pace of innovation in the payments industry is exciting. However, we have an obligation to innovate responsibly, and ensure that the core attributes of security, reliability and trust in Visa payments applies to new forms of payments. Our goal is simple: Continue to be the best way to pay, for everyone, everywhere.

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Posted by: Matt Quinlan, Chief Technology Officer, Visa Inc. on June 17, 2013 at 1:51 pm

Aug 10, 2012

Forbes “Visionary Leaders” Series: Why Visa is a Tech Company

Forbes’ publisher Rich Karlgaard recently sat down with Mike Dreyer, Visa’s Global Head of Technology and CIO, and Bill Gajda, Head of Global Mobile Products.

The interview, part of Forbes’ “Visionary Leaders” series and entitled “Why Visa is a Tech Company”, highlights the technology that makes up Visa’s network and the role Visa plays in keeping the network reliable and secure, especially as Visa uses mobile technology and innovation to tap into new and developing markets.

Watch the video below:


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Posted by: Lucas Mast, Visa Corporate Relations on August 10, 2012 at 9:14 am

Mar 10, 2011

Appreciating the Complexities

We understand first-hand that running a payments network is an enormous undertaking, so we were encouraged to see that others recognize it too. In a recent TechCrunch post, a former PayPal senior manager and blogger, Ohad Samet, correctly points out the complexities of the payments industry as new players enter the space. 

At Visa, we’ve spent decades pioneering and mastering the extreme complexities of all aspects of a payments network – from payments processing to information and risk management – relieving participants like financial institutions, merchants and consumers of those burdens. And Visa’s systems are supported 24 hours a day, 365 days a year by a highly experienced team of technical and business experts, a necessity that, as Samet points out, is all-to-often under-appreciated by companies trying to enter the field.

That said, we’re excited that other companies are bringing their capabilities to the payments space. We continue to be committed to combining our expertise and providing added benefits and innovations to consumers.

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Posted by: Ryan Donovan, Corporate Relations on March 10, 2011 at 1:28 pm