WHO WILL LEAD THE PAYMENTS MARKET EVOLUTION - THE INDUSTRY OR THE CONSUMER?

George Lawson, Head of Emerging Products and Innovation for Visa, was on the side of the consumer at the recent Payments Innovation Forum “Great Debate” run by RFi. George argued that it’s up to the market and the consumer how they feel comfortable paying and that’s ultimately what will drive payment innovation. “So as we look to a future where mobile devices proliferate, our approach will be to allow innovation to occur in a way that is safe, secure and has the consumer at the centre. We are technology agnostic and are focused on supporting what enables a consumer-centric, secure experience” he said.

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PINwise

Today Australia replaces signature with PIN at the point of sale. The move to PIN is an initiative of the Australian payments card industry.

There will be no change for visitors to Australia with overseas-issued Visa cards, who will be able to sign or PIN as previously. There is also no change to Visa payWave transactions.

Using a PIN is one of the many layers of security that protect a Visa transaction at the point of sale. Find out more about it here.

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THE HIDDEN COST OF CASH

"While cash may be considered the poor man’s best friend, it also places a disproportionate burden on the poor."

Harvard Business Review gives an interesting insight on the hidden costs of cash. A number of facets of society are discussed in the story, including the consumer, businesses and government, highlighting the sometimes overlooked fees and charges associated with storing and managing cash. Read the full article here.

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THE E-COMMERCE REVOLUTION

A humble online pizza order in 1994 has morphed into a $500 billion industry today. Shopping online has become an increasingly important way for consumers, particularly in the Asia Pacific, to shop for everything from groceries to cars with approximately 29 million online transactions happening every day. View the video to see how e-commerce has evolved over the past 20 years.

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VISA INTRODUCES VISA CHECKOUT TO SIMPLIFY ONLINE SHOPPING ON ANY DEVICE

Visa has today announced the launch of Visa Checkout, a quick and easy payment service that enables Australian consumers to pay for goods online, on any device, in just a few clicks.

With 92% of Australians shopping online according to “The Future of Payments” report by Visa, and 37% abandoning an online shopping purchase after finding the experience too difficult, Visa Checkout removes the frustration from the large amounts of detail usually required to make a purchase online.

The new service helps consumers pay, and merchants accept payments, simply and easily. Enrolling in Visa Checkout is intuitive and simple, and shoppers can use any Visa debit or credit card or even other major payment cards to make purchases from a PC, mobile device or within a mobile app.

Once enrolled, shoppers provide their username and password to complete the payment process -without ever having to leave the merchant’s website. This solution replaces the need to fill in lengthy address and payment screens, which have traditionally been the reason people have walked away from an online purchase.

Event Cinemas is the first merchant in Australia to offer Visa Checkout. Other merchants accepting Visa Checkout through their eCommerce and mobile sites are scheduled to follow soon.

Visa Checkout replaces the V.me by Visa service, which was first introduced in Australia in late 2013.

Consumers can sign up for Visa Checkout at any time through a participating bank, or merchant checkout page or directly at www.visacheckout.com.au. For a video on the new Visa Checkout service click here.

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