Published on February 1st, 2017 | by Editor0
The bright blue ‘VISA’ logo etched on payment cards used in facilitating payment transactions, has come to be regarded as a symbol of fast, secure and reliable electronic payment all around the world.
Electronic Payment Solutions
Established in 1958, Visa has grown from being a credit card company into a world class financial corporation which has presence in over 200 countries and territories all around the world. It is known principally for providing electronic payment solutions to financial institutions, government institutions, businesses and individuals. This payment solution is made possible most commonly through its branded debit or credit card.
Visa has, through a lot of innovative financial solutions, created a niche for itself as a top industry player in the area of secure electronic payment. It is driven by the need to find the ‘best way to pay and be paid’ and lately, that philosophy expanded to include ‘for everyone everywhere’.
This philosophy which forms the basis for how the company wants to be perceived by its many consumers, has been advanced by:
- strategic sponsorship,
- line extension.
Having extended its wings to include different kinds of electronic payments, the company felt the need to rebrand the brand to reflect the new dynamics. This led to the logo change.
They have been sponsoring the Olympics since 1986 and the Paralympics, since 2002. They are also major sponsors of different sport teams all around the world. These sponsorships present them the opportunity of educating the members of the public about their company and what they represent.
They have always presented themselves as a serious minded corporate entity but that direction changed in the advert launched for the Rio De Janeiro Olympics in 2016. The advert showed athletes using different visa products as a mode of payment while carpooling. This was different because the audience got to see how to use their many products and services. It was more educative for the average person.
It is worthy to mention that Visa has the monopoly of payment transaction for the Olympics and Paralympics- a stronghold they have as a result of their sponsorship.
In 2007, the Visa PayWave was introduced. This product featured contactless payment which allowed customers to wave their cards at a payment terminal without swiping. Australia has the highest number of Visa transactions done through this new technology- making up 50% of in-store Visa transactions.
The Visa checkout was also introduced in 2013. It is ‘an online payment system that removes the need to share card details with retailers. The Visa Checkout service allows users to enter all their personal details and card information, then use a single username and password to make purchases from online retailers. The service works with Visa credit, debit, and prepaid cards.’
In 2014, Visa partnered with Apple to incorporate a new mobile wallet on new models of the Apple Iphone ‘enabling users to more readily use their Visa cards ’
All of these above discussed strategies has worked greatly in making Visa the giant it has grown to become in the present day.