Payments today are central to every industry’s strategy – they allow companies to develop ongoing dialogue with their customers, build loyalty on deep recurring relationships, and improve the overall customer experience. Electronic payments are also an enabler for companies to explore and establish new revenue streams and build new business models – something that physical cash can never do in an increasingly digital economy.
As the world is trying to be innovative in payments, the conversations that Visa has with issuers, merchants, acquirers, and consumers are changing dramatically. Payments innovation has been the core structure of Visa’s DNA for the past 60 years, and while we have led the sector with best-in-class capabilities in convenience, security and risk management, the digital era is opening new boundaries and allowing access to more players in the industry. That means more disruption, more competition, and more options for the end consumer.
We are not resting on our laurels – our success in the past six decades does not guarantee our leadership position going forward. However, I would say that the one thing that keeps us at the top of our game at Visa is our dedication to our clients’ success. And at an age where consumer demands are shifting so quickly, we are even more focused than ever in our mission to embed ourselves in the new digital ecosystem by forming true partnerships with our clients, merchants, digital players, and the public sector to work together in co-creation efforts for better payments solutions.
Central to this strategy is the open innovation approach we have at our Visa Miami Innovation Center – one of nine dedicated spaces and teams we have around the world championing co-creation and co-development to solve our clients’ problems and changing them into opportunities. Together, we are evolving our approach to innovation, connecting Fintechs with banks and merchants, putting consumers at the very center of our efforts, guiding our clients in their innovation journeys, and reinventing the way we understand payments. Most importantly, we promote a culture of collaboration and continuous learning with our clients and partners. This month, we celebrate the first anniversary of the Visa Miami Innovation Center. In one year, the center has been the epicenter of exploration, engagement and innovation with clients from Latin America and the Caribbean – we hosted more than 600 visitors, performed more than 50 co-creation sessions, and developed prototypes that will change the way people pay and get paid.
But perhaps, our most celebrated achievement is the impact that we’ve had on our merchants and issuers where we helped to transform their businesses and their approach to innovation. In just one year, conversations about human-centered design (HCD), co-creation, or open innovation are taking place everywhere at an accelerated pace, not just at the Innovation Center, but in our daily interactions with partners.
There are many reasons to celebrate this first year, yet there is so much more that we can do with innovation and co-creation. On that note, I’m pleased to welcome Vanesa Meyer, who is joining the Visa family as our new leader for our Innovation Strategy in LAC. With her experience and deep knowledge in addressing consumer trends by working with clients and merchants in the electronic payments space, I’m confident that Vanesa will elevate our ability to innovate with all our partners to a whole new level.
To all our clients and partners, thank you for getting together with us on Visa’s innovation journey, and for making the Visa Innovation Center in Miami a success. We are looking forward to continued success in working together with all of you to define how to pay and get paid, and be at the forefront of the digital payments experience for consumers everywhere.