New report on how Visa is transforming commerce, lifting communities
August 14, 2018, 8:00 AM Eastern Time
Visa today released its 2017 Corporate Responsibility and Sustainability Report, the company’s summary of progress in its ongoing commitment to corporate responsibility, sustainability and ethical leadership. The report addresses the commitments and progress Visa has made across its most significant environmental, social and governance (ESG) issues.
“Through investments in innovation, our people, operations and societal impact, Visa continues to make progress toward our vision to be the best way to pay and be paid for everyone, everywhere,” said Douglas Sabo, vice president and head of Corporate Responsibility and Sustainability at Visa Inc. “We are tremendously proud of the progress made and the growing recognition we have received as a responsible and sustainable company.”
In its third Corporate Responsibility and Sustainability Report, Visa shares achievements across five focus areas: Transforming Commerce, Expanding Access, Investing in Our People, Operating Responsibly and Strengthening Communities. The Report includes the following select highlights:
- Expanded its global network of Innovation Centers and Studios
- Invested in “push” payment capabilities via the Visa Direct solution to allow businesses, governments and consumers to transfer funds from an originating account to another via a debit or prepaid account using the Visa network
- Extended its Visa Everywhere Initiative to Europe, Latin America and the Middle East, engaging start-ups to identify and provide visionary solutions for payment and commerce challenges around the world
- Helped provide access to 107 million new accounts in FY17 as part of its goal of reaching 500 million financially underserved people by 2020
- Announced the planned expansion of its mobile payment solutions to Egypt, Ghana, Indonesia, Kazakhstan, Pakistan, Rwanda, Tanzania, Uganda, Ukraine and Vietnam
- Invested in new philanthropic programs around the world, including the Reaching Minority Households Incubator to work with and initiate loans to underbanked minority households, as well as a collaboration to equip female cotton farmers in India with access to financial services, market linkages and leadership skills
Investing in Our People
- Enhanced Visa University, a core component of its employee training and development program, by adding new learning paths, leadership capabilities and a 360-degree development tool
- Signed the CEO Action for Diversity & Inclusion pledge, the largest CEO-driven business commitment to advance diverse and inclusive workplaces
- Delivered unconscious bias training to over 90 percent of leadership
- Joined the RE100 initiative and committed to transitioning to 100 percent renewable electricity across global operations by the end of 2019 while reducing its environmental impact and greenhouse gas emissions
- Implemented a new Visa Supplier Code of Conduct that outlines expectations of suppliers, including conflicts of interest, employment practices, environment, human rights and supplier diversity
- Launched the Visa Foundation, which made an inaugural commitment of up to $20 million to Women’s World Banking to help female, low-income entrepreneurs in underserved economies build their small businesses or enterprises and gain leadership skills and financial capabilities
- Provided philanthropic support to help people affected by disasters and humanitarian crises, including hurricanes, earthquakes, wildfires and mudslides
As outlined in the Report, Visa’s progress helps support many elements of the United Nations Sustainable Development Goals (SDGs), the global roadmap for progress by 2030. Visa’s work includes contributions primarily to Goal 8, Decent Work and Economic Growth, and Goal 5, Gender Equality, as well as a number of secondary Goals focused on ending poverty, reducing inequality and combatting climate change.
Among its growing recognition for corporate responsibility and sustainability, Visa was named to the 2017 Dow Jones Sustainability North America Index, the FTSE4Good Index, Corporate Responsibility Magazine’s 100 Best Corporate Citizens List, the World’s Most Ethical Companies list by the Ethisphere Institute, the Human Rights Campaign’s 2018 Corporate Equality Index for LGBTQ Equality and the Diversity Best Practices Inclusion Index.
Learn more about Visa’s responsible business and sustainability progress by accessing the 2017 Corporate Responsibility and Sustainability Report.