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Highlights
- - Visa explores AI to revolutionize payments and loyalty programs.
- - Focus on enhancing customer experiences with innovative technology.
- - Major investments in AI and technology redefine retail solutions.
Visa (NYSE:V) is charting a new course for the future of online shopping and loyalty programs by integrating artificial intelligence (AI) into its offerings. With significant investments in technology, the company is broadening its scope beyond traditional payment services. Antony Cahill, the head of Visa’s Value-Added Services Division, outlined the role of AI and technological innovation in transforming Visa’s operations and reshaping customer experiences.
Cahill, formerly associated with ANZ and National Australia Bank, emphasized Visa’s evolution into a technology-driven entity. Over the past five years, Visa has invested $11 billion in technology, with an additional $3 billion directed toward AI and data innovations over the last decade. These investments have enabled Visa to extend its capabilities into areas like risk management, identity solutions, and advisory services, contributing to over a third of its revenue.
One of Visa’s standout strategies involves the development of “multi-scheme” solutions. These innovations enhance interoperability across competing payment networks, reflecting Visa’s commitment to adaptability in a dynamic financial landscape.
AI is at the core of Visa’s transformation, particularly in e-commerce. Cahill illustrated a compelling use case where AI could streamline gift selection by analyzing customer preferences, past purchase behavior, and even social media activity. This level of personalization underscores the seamless integration of AI into day-to-day shopping experiences.
Loyalty programs, another key focus area, are undergoing significant changes. Cahill pointed to potential disruptions stemming from regulatory reforms, such as the Australian Government’s proposed ban on excessive surcharges by 2026. This reform threatens traditional bank-airline partnerships, pushing merchants to explore direct engagement with customers. Visa’s Web3 Loyalty Engagement Solution supports this transition by enabling merchants to design tailored loyalty programs, offering rewards directly to customers without relying on surcharges.
Merchants are increasingly adopting loyalty strategies to retain customers within their networks. Paul Weingarth, co-founder of Slyp, highlighted how AI-powered loyalty solutions create opportunities for personalized, value-driven rewards.
Visa’s commitment to innovation and customer-centric solutions positions it as a leader in transforming retail experiences. By integrating AI and adapting to regulatory changes, Visa is redefining how businesses interact with customers, setting a new standard for the future of payments and loyalty programs.
