EVER since becoming the first and only payment technology company to win the Gold Award under the Banking, Investment and Insurance category at the Putra Brand Awards 2019, Visa has been making waves with its ongoing efforts and initiatives to make digital payments more convenient, secure and seamless for everyone.
As security is of the utmost importance to Visa, it recently announced Malaysia’s Future of Security Roadmap to help strengthen payment security in the country over the next three years.
Focusing on a number of key security initiatives including devaluing data, protecting data, harnessing data and empowering consumers, the roadmap will enable security to evolve as technology changes the way we pay.
Besides that, Visa is also setting new e-commerce standards by advocating the adoption of tokenisation and 3-D Secure 2.0 (3-DS 2.0), which will reassure and give consumers peace of mind while boosting sales for merchants globally.
With the adoption of tokenisation, this can help eliminate sensitive data, i.e your card’s 16-digit won’t be stored anywhere by the merchant, the issuing bank or even the payment gateway, significantly decreasing e-commerce fraud rates.
During an interview with Visa Malaysia country manager Ng Kong Boon, he mentioned that there are plenty of untapped opportunities for cash displacement in Malaysia.
“Currently, 60% of personal consumption expenditure in Malaysia is still highly dependent on cash and small and medium enterprises (SMEs) contribute to almost 40% of Malaysia’s gross domestic product (GDP), though the commercial segment is still heavily underserved, ” said Ng.
In Malaysia, there are many opportunities to displace cash in segments that remain heavily reliant on cash, including small merchants, eateries, public transportation and many more.
“At Visa, we strive to be at the centre of every payment flow, whether it’s for using Visa credentials for card-to-file solution, or topping up funds on your eWallet.”
Another key area Visa will continue to work on is expanding merchant acceptance to grow the usage of electronic payments in Malaysia.
“In the past few years, we have worked closely with our bank partners and merchants to drive an increase in the adoption of digital payments, and ensure that digital payments can be accepted at each main category where consumers can make daily purchases, ” said Ng, adding that Malaysia is one of the fastest growing countries in Asia Pacific for the usage of contactless payments.
Believing in the importance of building trust and confidence among Malaysians, Ng hopes to grow digital payments usage here by educating consumers on contactless payments security.
Though Visa is the pioneer fintech company with a longstanding 60-year history, it’s undeniable that there’s been a boom in the market with many other competitors. However, Visa believes in the power of partnerships, which includes engagement with other fintechs to create new payment solutions that improve a consumer’s journey.
That said, through such partnerships, there is huge potential to extend micro-financial services to the underserved segments in the country.
Launched in Asia Pacific last November, the Visa Fintech Fast Track Programme makes it easier to foster fintech partnerships and allows access to Visa’s multi-billion dollar global payments network.
As Visa works closely with their partners to create and develop new ways for consumers to pay and be paid, they hope to revolutionise digital payments in the future to benefit the masses.
Its other innovative payment solutions include Tap2Phone with Maybank, which uses your smartphone as a point-of-sale terminal.
Since introducing contactless payments a few years ago, almost all Visa issued cards are now contactless enabled, with the expansion of Visa’s merchant acceptance footprint.
It has become a way of life, especially with new initiatives, whereby selected petrol stations, laundromats and even highway rest stop areas accept contactless payments.
Over the years, Visa has also placed a huge emphasis on promoting financial literacy and has been actively promoting it by working closely with government agencies like Agensi Kaunseling dan Pengurusan Kredit (AKPK) to promote money management knowledge to children and youths.
As for this year, Visa collaborated with Pintar Foundation, which went on to support financial empowerment programmes at three primary schools in Malaysia.
In the years to come, new and existing Visa cardholders can look forward to Visa’s Digital Concierge app to have real-time access to any concierge for dining recommendations, while receiving other exciting benefits and offers for lodging as well.
For more information, log on to http://www.visa.com.my/
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