Visa news at the 2020 Payments Hall

Visa news at the 2020 Payments Hall
At the 2020 edition of the Salone dei Pagamenti, an important Italian event on innovation and payments, Visa presented its latest technologies that will accompany the future of the sector in Italy. They range from shopping experiences, innovative digital payment solutions, to a focus on the frontier of security, a consolidated commitment to the world of small local merchants and SMEs. In this regard, Enzo Quarenghi, Italy Country Manager of Visa, underlined: "All over Europe, as in Italy, the Covid-19 pandemic has put a strain on people and companies".

"Digital payments have played an important role, helping consumers to shop and access public transport without coming into direct contact with payment terminals, and supporting merchants in online sales. In just a few months, what would have taken years before took place. We believe that this acceleration towards digital is permanent ". In particular, this year Visa was present on the digital platform of Il Salone dei Pagamenti with dedicated presentations on five thematic paths that retrace the most innovative technologies in the fintech field; security, products, services and platforms for the evolution of digital payments and commerce, business solutions, consulting services.

The news then concern "Tap to Phone", which transforms the current generation of Android smartphones and tablets in contactless or “tap to pay” softPOS. As part of the group's commitment to digitally enable 8 million small and micro businesses, this tool aims to support businesses and small merchants to quickly access the digital economy, prevent lost sales and improve cash flow by accepting contactless payments. whenever they want and everywhere.

Enzo Quarenghi, Italy Country Manager of Visa The number of merchants using "Tap to Phone" has already grown by 200% in the last year and is now present in numerous countries in Europe, the Middle East, Africa, Asia Pacific and Latin America. In general, "tap to pay", or contactless payment, is growing rapidly in the Covid-19 era. Visa recorded a 40% growth in contacless payments year-on-year. In a recent Visa survey, nearly half of consumers (48%) said they would not shop at a store that only offers payment methods that require contact with a cashier or card reader, making it essential for merchants to shop. expanding their acceptance methods beyond cash.

Merchants download an app, supported by their acquirer, and after registering and selecting their bank, they can start accepting contactless payments in minutes. Tap to Phone relies on the security of an EMV chip transaction, where each transaction contains a dynamic cryptogram that cannot be reused. Another novelty is Smarter STIP, which uses artificial intelligence to reduce the number of transactions denied to consumers when there are interruptions or delays in the service.

Building on deep learning and analyzing past transactions, Visa Smarter Stand- in Processing (Smarter STIP) is capable of generating informed decisions and accepting or rejecting transactions on behalf of issuers regardless of whether systems are online or offline. Visa Direct, a global platform for instant payments, allows you to transfer money to Visa debit and credit card holders. In practical terms this translates into the ability to instantly send funds to all holders of Visa products in Italy and around the world.

Andrea Fiorentino, Head of Products & Solutions of Visa Southern Europe Through the Visa Direct platform, the Funds can be transferred quickly, conveniently and securely to the recipient of a Visa account holder, giving them immediate access to the funds. The platform allows you to make payments not only from person to person (person-to-person, P2P) and from company to person (business-to-consumer, B2C), but also from company to company (business-to-business, B2B ).

"The real-time economy has changed the way people send and receive money," explained Andrea Fiorentino, Head of Products & Solutions at Visa Southern Europe. "Today devices such as smartphones and tablets, in addition to digital commerce, have created new expectations in terms of speed". «The pandemic has further accelerated the path by expanding the need for digital handling of money to further cases of flows whose payment was first made in person. With Visa Direct, funds can be transferred securely, easily and in real time anywhere in the world. ”

Available through a comprehensive collection of dedicated APIs, Visa Direct can be used by financial institutions and technology partners to create quickly real-time payment solutions through a suite of web services on the Visa Developer platform. Finally, Cybersource, a global payment management platform built on Visa infrastructure that supports companies to achieve their digital commerce goals by improving customer experience, increasing revenues and mitigating risks. For partners, CyberSource provides a technology platform, payment expertise and support services that help them grow and manage their merchant portfolio.

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