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The #futureofmoney   at #turingfest    a Visa Europe Perspective
Sandra Alzetta

Trust in money is key.

What's happened in money?  The zipzap machines (carbon paper and signatures), then swipes, then Chip & Pin, now moving to contactless cards (increases speed) and mobile payments at point of sale.

How has VISA remained a stalwart? It's continued to innovate. One in three £ spent in UK goes on a VISA card. Target 99.999% availability (past few years have achieved 100%).  Vital that we can trust that VISA will work.

20% of revenues go into development of new products and services.

By 2020 VISA expect 50% of volume to come from mobile devices. VISA done some big trials so know consumers want to use their mobile device instead of additional plastic.  Also opens up extra opportunities: coupons, statements, reciepts, breakdown of spend etc. VISA realise that if they wish to remain leaders they have to go down this route.

Technically where do you put the "card" (payment credentials): in the cloud or on the phone?

Then how do you process it? Various options.

Don't see one single solution but working massively in contactless mobile payments using NFC and pins on phones.

Secure payment credentials might be in sim, core chip set, might be bolt on. They are working with partners such as Samsumg (putting inactive tech on core chip ready to be activiated), also working with Vodafone and most handset manufacturers.

Getting unsolicited requests for mobile payments so they know its something people want.

There is however a need to have ubiquity in acceptance. Terminals need to be upgraded.  Retailers are being encouraged to do this but its their cost, not VISAs.  The stepping stone is contactless plastic which will mean large portion of consumers with contactless cards.

Also using these contactless cards for London buses.  Direct competitor to Oyster card?

How about online?  Launching digital wallets to allow easy payment (could this be what paypal have been doing for 15 years?)

(You could sense quite a lot of mirth in the audience. Perhaps the audience's thinking is way ahead of VISAs?)

"The future of money is obviously digital"

Despite this there are still areas that are heavily cash driven. 1. small retailers. VISA looking to improve their offerings here.  2. Informal payments (e.g. peer to peer). They are targeting this through ability to send money with a phone. By the end of next year expect a few dozen banks to make this service available.  Sandra is desperate to get rid of cash. Cash is very expensive for an economy.

So to finish: the future of money will:
- feature mobile devices
- partnerships - it will not be led by one organisation, it will come from collaboration
- trust must be preserved
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