The Age of Invisible Payments

Charlotte Hogg, started by telling the audience about her company VISA which connects the world through a secure and resilient network. Furthermore, she apologized for outages experienced by customers and massive disruption that affected businesses across the UK and Ireland late last week. She confirmed that that service disruption was because of a hardware failure.

Hogg mentioned that “we are moving into a world where the moment of payment is almost invisible, the date needs to be secure and systems need to be resilient.” She continued, “the beautiful thing about cash was that it was simple, consumers must feel in control of their financial lives and it’s our job to provide that for them. Invisible payments should be as secure as visible payments are to build a strong customer relationship” She emphasized on the factor of regulation as well that it provides stability to the markets and serves security to protect customers.

She also revealed that Visa is focusing on “two further commitments” to Europe, a “fast track program for fintech”, and a $100 million investment into fintech in Europe”, to allow fintechs to innovate their own solutions effectively with the support of Visa.

Hogg concluded her keynote by welcoming two more speakers, Nikolay Storonsky, CEO, Revolut and Jim Magats, Head of Global Core Payments, Paypal to the stage to discuss the importance of collaboration in innovation.

“We are a network that is open and reliant on our partnerships – that’s our heartland”, Hogg said.

Jim Magats focused on availability, experience, and scalability of how customers pay and receive money from their PayPal wallet. “PayPal’s payment functionality allows current and potential customers to have greater access to funding options and more places to use PayPal online, in-app and in store.”

Nikolay discussed Revolut, his own venture, that serves free international and secure money transfers to bank accounts in over 120 countries, fee-free global spending and can buy, hold and exchange Bitcoin, Ether and Litecoin with 25 fiat currencies at the possible exchange rate.

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