When was the last time you used cash or, to be more precise, had to use cash? Probably, you had to think hard about a business in your daily routine that does not accept NFC payments or bankcards. Five years ago, paying for a coffee with a smart watch seemed like a futuristic fantasy – now it is daily occurrence for millions of people.
The World Payments Report 2018 by Capgemini and BNP Paribas finds that non-cash transaction volumes continued to grow at double-digit growth rates during 2015–2016, reaching 482.6 billion. Non-cash transactions are estimated to accelerate at a compound annual growth rate (CAGR) of 12.7% globally with emerging markets growing at 21.6% from 2016 to 2021.
Visa takes contactless payments to a new level, offering a sensory branding suite to merchants and partners in more than 25 countries. The suite includes sound, animation, and haptic brand cues that occur with a Visa payment transaction. All this helps signify to consumers that a payment has been made using Visa whether in-store or online. The new sensory branding suite gives greater dimensionality to Visa’s brand and lets the customers see, hear, or feel Visa when they pay.
Customer expectations evolve, and with IoT becoming more and more prominent in everyday life, Visa expands its sensory branding suite across the globe, including mobile first and in-stadium experiences, prominent technology, and retail partnership.
One of the examples of such partnerships is the Tap to Phone solution created by Visa and IBA Group. As an authorized Visa solution provider, IBA Group launched Tap to Phone solutions in Ukraine and Belarus. Designed for small and medium-sized enterprises (SMEs), the Tap to Phone technology is an evolution of the mobile acquiring technology, enabling a smartphone with an NFC chip to work as a point of sales (POS). To accept payments, one needs to install a transaction processing application on a smartphone and have a bank account.
The way we pay continues to change, and it is extremely important that customer experience goes hand in hand with the emerging technologies.