As the world becomes more digital, and global money movement becomes more prevalent for all, something is clear – payments innovation must continue to evolve to help meet tomorrow’s needs. Immediacy, and the convenience it yields, is now a reality, especially for younger generations that don’t know life without smartphones or the internet. These days technology has become ubiquitous for facilitating our daily tasks with speed and ease - from purchasing, to sharing and connecting, to banking and dining… you name it!
For decades, Visa has remained steadfast in its commitment to be the best way to pay and be paid. With its innovative digital payment solutions, Visa aims to include more individuals, businesses, and players into the digital economy in secure, simple, and relevant ways. For digitally savvy generations, like the GenZers for example (the generation born between the early 1990s and current 2000s), an increasing portion of their way of life is digital and mobile in nature. Research shows that this group has access to at least 5 devices at a time and engages with social and gaming platforms about 100 times per day. Therefore, they have an expectation that brands will deliver seamless payment experiences across digital channels and platforms in a consistent way.
Faster payments are undoubtedly at the top of the list when we think about speed and convenience in the digital and mobile world. Whether it’s paying a friend for concert tickets, splitting the check for a meal, or sending money to family oversees, there is no denying that person-to-person (P2P) payments have become a popular option and preferred alternative to cash. Through Visa Direct, a network that facilitates the movement of money 24/7 to billions of endpoints in more than 180 countries and in 160 currencies, Visa can process a transaction in a fast, secure, and convenient manner.
Online Gaming
Gaming is a relevant example for newer generations. It’s become part of the day-to-day, providing not just a gaming experience, but an outlet to socialize and establish a community. This fast-growing global industry touches many sectors including payments, and in 2021, it represented an estimated global revenue of US$175.8 billion. Today, the global community of gamers, comprised of consumers of nearly all demographics, is fertile ground for paying and playing, but the only way to keep these consumers engaged is by offering simple and integrated ways for them to transact while on the platform of their choice. To accomplish this, Visa is partnering with gaming platforms and other providers in this space to facilitate in-app purchases and real-time payout solutions.
Money Transfer
In the same vein of instant payouts and timely access to earned wages, Visa is actively collaborating with businesses to be able to pay employees, contractors or other service providers for their wages, expenses, and other disbursements almost in real-time. And the benefits of this are twofold – on one hand, businesses can have greater visibility into their expenses and bottom-line and on the other, workers can gain full control of their finances and get faster access to earned wages, improving engagement and retention. In 2021, Visa partnered with Niubiz to offer companies in Peru the capability to advance employees’ salaries with Tu Sueldo Ya. Through this Visa Direct-enabled service, employees receive their wages for days already worked without having to wait for a set payroll date, without resulting in extra fees or payroll modifications for the participating companies.
As the digital revolution continues to take the world by storm, and younger generations fully enter the financial ecosystem, technology, and payments innovation need to evolve to deliver against new needs and demands. Visa will continue to reimagine and modernize the payments landscape with products and solutions that are innovative, digital-first, convenient, and secure for businesses, governments, and individuals alike.
To learn more about Gen Z, download the complete report in English.
[1] Setup marketing matchmakers. Marketing to Generation Z Infographic. https://setup.us/infographics2/marketing-to-generation-z
[2] BCG market analysis, compiled on behalf of Visa).