There are many dynamic challenges shaping our industry including new players in the payments ecosystem, more ways to pay and be paid, and evolving consumer demands and expectations, while often, financial institutions are faced with limited resources to keep up with constant change. Visa recently hosted attendees across financial institutions at the annual Visa DPS User Conference to discuss the top challenges and opportunities facing the industry today in a collaborative environment to learn from one another and strategize best practices for being future ready, today. Here are some interesting takeaways:
- Contactless will continue to be a strong focus for issuers as more cardholders seek to utilize this fast, simple and secure form of payment. The contactless technology infrastructure is largely in place in the U.S. and across the world - contactless terminals are expected to represent 77 percent of the world’s point of sale terminals by 2020.
- “Top of Wallet,” or the preferred card a consumer always reaches for, is increasingly aligned with the digital experience and payment options. As the shift toward digital payments continues, it is imperative that issuers establish their payment cards as a differentiated, value-added digital option and enable consumers to link to their cards effortlessly.
- Remaining agile and open to innovation are keys to success in a changing payments landscape. Much of this is around enabling functionality in digital channels as they emerge and evolve. Leveraging APIs for example, is a strategic way to infuse customization with existing capabilities such as those offered by the Visa DPS platform, including Card Activation, Instance Issuance, and Card Block and Unblock.
In honor of clients putting these ideas into practice, we would like to recognize and congratulate the following recipients of the 2017 Visa DPS Client Achievement Awards. This awards program recognizes clients that achieved high performance in key areas that drove business growth and cardholder satisfaction.