This article is excerpted from Visa’s first-annual Innovations for a Cashless World: Consumer Desire and the Future of Paymentsreport, which provides an outlook and predictions for FinTech in 2018. This is the first in a four-part series highlighting the report. Download the full report here.
Trend #1: From card to Cloud
We’re quickly moving toward a world where seamless digital payments work securely, anywhere, on any device.
Innovation in commerce has always been about reducing friction and providing a better consumer experience. As consumer technology evolves, payment security and convenience must evolve with it.
Consumers spend approximately 11 hours online every day, enjoying the power of “instantism” at their fingertips (Nielsen, June 2016). When they can find anything they need within seconds, the payment experience slips into the background and becomes part of the overall experience—rather than an additional step they need to seek out and complete.
In this new world, think of consumer credit not in terms of cards, but in terms of accounts. The question is no longer where Visa is accepted, but how it’s accepted: via any device, meeting consumers in their existing digital hangouts.