VISA - Card in hand

Wednesday, 28 March 2012 14:37

Posted by Fakir Syed Iqtidaruddin

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KARACHI: Visa believes that basic money skills – being able to manage a budget, knowing how to save and how to live within your means – is an essential life skill that everybody should have. Last month the global mega-brand sponsored a Media Round Table Conference hosted at the prestigious Jumeirah Beach Hotel in Dubai, and was attended by luminaries from all over the globe. 

Covering trends in Financial Literacy, Security & Risk, Marketing & Innovation, eCommerce and Customer Satisfaction, the Media Round Table Conference is an opportunity for the brand to reach-out and continue to develop and establish itself as a global market-leader. 

Already the largest retail payments network in the world, the brand now has its sights set on the next generation of products and services including Visa’s “Digital Wallet” giving the unbanked and underserved easy and constant access to premium financial services. 

“Mobile phone usage has continued to grow considerably over the last five years as mobile technology develops,” said a spokesman for the company. “The mobile phone is a critical component of delivering Visa products and services in the future. It’s more than just an innovative way to pay; mobile payments offer an attractive alternative to using cash and cheques.” 

In recent years, Visa has worked closely with mobile network operators, handset manufacturers, financial institutions, merchants and technology providers to develop and commercialize mobile payments and related services. Consumers in Kuwait were some of the first in the region to pay with their phones, with other nations in the Middle-East region soon following suit. 

In addition to being a corporate sponsor of the Olympics being held in London later this year, the brand leverages other global properties such as the FIFA World Cup, to promote its products and services both regionally and globally. Research commissioned by the company found that these partnerships tend to help drive positive perceptions of the brand and in doing so prove vital to client feedback and ultimately client retention. 

The average spend on internationally issued Visa debit and credit cards showed strong growth in spend from top source markets and across all merchant categories as compared to last year. 

As part of Visa’s ongoing commitment to financial literacy programs the brand wanted to extend the program to a new untapped audience – parents. Reaching out to parents through a series of Think Tanks and using parents to gain insights into specific financial literacy needs, they continue to work together to develop a relevant program. Visa has held three sessions in the past nine months, targeting parents with young children, parents with teenage children and teenagers themselves. The brand is also keen to partner itself with media conglomerates across the region to promote the financial literacy message. 

Whether or not this message will continue to reach a broader audience and have a positive influence on its users remains to be seen. Nevertheless, Visa remains committed to encouraging responsible financial management through financial literacy programs which will continue to educate people on how to better manage their finances in today’s global market.

Copyright Business Recorder, 2012