The global payments industry is changing. Changing for good, as we know it. What is required for this change to find stable ground around the world? Probably, a collaborative effort would serve as an accelerator. Payswiff is proud to announce that we have been selected as one of the partners of Visa Everywhere Initiative in Russia.

What’s the Visa Everywhere Initiative?

It’s a global innovation program that tasks start-ups to solve commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners all around the world.

How does the Initiative help in discovering commercial growth around the world?

At the base level, it attempts to address four challenges:

Challenge 1

Contextualizing service models: The VISA Initiative urges stakeholders to create integrated solutions which enable consumers to avoid the daily routines like ordering food, purchasing petrol etc.

But how?

Giving banks across to vast data on consumer preferences (consumer consent required) enables them to become contextual and propose tailor-made solutions to existing and new clients

You guessed it right – By giving banks and merchants an ability to use vast data on consumer preferences (consumer consent required) to become contextual and propose tailor-made solutions to existing and new clients.

Challenge 2

Enabling Small and Medium Enterprises to accept various payment modes is a challenge that demands much attention.

Using the whole variety of POS terminals (POS, mPOS, contactless only, etc.), various methods of payments (cash, QR-codes, on-line banking etc.) is apparently the only way forward.

Easy, affordable solutions are required to pull off such a large scale shift.

Challenge 3

Creating value by Integrating E-Commerce: Major Digital Players around the world are caught in a sticky web of hyper competition. Multiple E-commerce platforms, ever increasing barriers across channels and in-standardized payment mechanisms add to the friction and complexity that consumers offer suffer from.

What can be done to reduce this friction and add more value to the end users?

The answer is integration.

Through platform integration and partnerships, digital players can reduce the competition at their end, as well as create a seamless experience and thus add more value for the end consumer

An integrated solution which can be actualized through partnerships and platform convergence can create a seamless experience for end consumers.

By enabling concepts like transaction-less commerce, lifetime subscriptions and better targeting through search, social & payment data convergence more value can be added and better growth can be envisioned by E-Commerce players.

Challenge 4

Roll out of VISA Direct solution: VISA Direct is a solution which enables funds to be sent to any eligible debit, credit or prepaid Visa card in real-time. Person to Person (P2P) as well as Business to Consumer (B2C) transactions are the focus of this solution.

The solution is aimed to fulfill the customer’s need for instant gratification. Stakeholders are directed to respond to the customer’s need to do things on the go.

Payment Industry – The Road Ahead

So, what does all this take us to? The Initiative is in fact an innovation program that designed to encourage the next big thing in payments.

With competitions running in North America, Latin America, Europe, Middle East, Asia and Africa, partnerships and collaborations are built across the world, wherein stakeholders benefit from mutual transfer of technologies, markets, opportunities and ideas.