Saturday, July 11, 2020

Technology and innovation in payments

As every year, the Banking Convention of the Association of Banks of Mexico brings together the leaders of the sector in the country to evaluate trends and exchange experiences for the benefit of the industry.

For us, this was a special edition, because we share the most modern technologies and innovations already available in Mexico and how we are working on the payment methods of the future.  

In Acapulco, we show the latest payment innovations already available in Mexico, such as Samsung Pay; emerging technologies such as contactless payments (also known as contactless), and the concept of the store of the future, in which we are working to continue developing technologies and innovation that facilitate payments. Together these types of solutions, generating synergies with the industry, allow us to help accelerate the growth of the country, and support the financial inclusion of individuals and businesses.

The “store of the future” is an experience that allowed exploring how payments in Augmented Reality and Virtual Reality work. Last year Visa Checkout teamed up with global payment processing provider Payscout for the launch of a Virtual Reality Commerce app that enables frictionless payments on virtual reality experiences. This offer marked the first time that consumers were able to purchase and purchase physical products within an immersive virtual reality experience and send their purchases home.  

We also introduce contactless payment technology (or contactless as it is known in English), which enables a fast and convenient way to pay for everyday purchases, with the reliability and security standards of Visa. With contactless payment technology, more users will be able to make easy, safe, and fast payments and merchants accept them quickly and conveniently. 

At the Convention, we share several examples of contactless payments. Including for example the wearable that we presented at the 2018 Winter Olympics in Pyeongchang or devices like Fitbit and Garmin, and our contactless cards, and different terminals ready to also support these forms of payment, including the one that incorporates the new sensory references of the Visa brand: a sound, an animation and a vibration that will confirm that a payment has been made with Visa.

We also highlight in this edition, Visa Samsung Pay, which we presented a month ago in Mexico, where those attending the 81st Banking Convention had the opportunity to recharge their cell phones or tablets and support with a donation to FundaciĆ³n Quiera de ABM through this means of payment. 

The session also had space to share our passion for soccer, and prepare for the 2018 FIFA World Cup Russia ™, sharing an experience based on our sponsorship of the Mexico National Team since 2008 and our global and exclusive sponsorship with FIFA since 2007. 

We are very pleased to share these examples of technology and innovation and work to improve the experience of Mexican consumers, in collaboration with the payment ecosystem, including financial institutions, businesses, governments, fintech, and startups.

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