With the release of Visa Checkout, which replace’s the company’s V.me product, and Visa’s posh new Innovation Lab in San Francisco, it’s clear Visa is determined to be a player in digital payments. The company is also looking to work with partners to create the best services possible for customers.
Historically, financial institutions have been Visa’s traditional partners. Financial institutions have found it fairly easy to engage with Visa — they know how we work, how we engage, and how we collaborate. If you think about where commerce is headed, it’s really headed towards mobile & digital, new experiences developed by merchants, manufactures, app developers, and innovators. Those sort of partners, unlike financial institutions, aren’t as familiar on how they can engage with Visa and honestly, we weren’t the easiest to engage with in prior model. Our new innovation center and new collaboration models are really designed for nontraditional partners to make it easy with Visa… to use platform and innovate on top of our assets and capabilities…it’s our mindset.
If you look and the power and reach of our network its really mind-blowing. We have 35 million worldwide merchant partners, 2 billion card holder accounts, and we work with over 15,000 financial institutions. Not only that, but we have the ability to process over 100 type of currencies in over 200 countries.There are a lot of innovators that are working hard on enhancing commerce experience. In most cases, these parties represent partners rather than competitors. We want them to understand the value and reach or our network and write on top of our platform. We want to expose our network, so they can consume it and use as the rails so that they can build on top of it. It’s a great opportunity for partnership and collaboration.