Visa 2013 Annual Report Download - page 5
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To that end, we made some progress in 2013 to strengthen
partnerships with issuers and acquirers, and to begin the
process of recasting our relationship with merchants.
• Wereorganizedthecompanytomoveallclient-facing
functions under common management.
• Wecreatedamerchantrelationshipandproduct
management group within the company so we can
treat merchants as full partners, and create and deliver
customized, merchant-centric solutions focused on
helping them grow.
• Wecreatedacustomizedsolutionforoneofourlarge
financial institution clients that enables it to use our
network to deliver tailored solutions to merchants.
Here are some examples of how we are enabling our growth
and accelerating the migration from cash and checks:
1. Grupo Bimbo, the world’s largest bakery, has relationships
with more than 700,000 small merchants across Mexico.
By working directly with Grupo Bimbo as a distribution
channel for innovative point-of-sale solutions, we are able
to free these merchants and their customers from the cost,
constraints, and inefficiencies of cash.
2. In Rwanda, where we have a partnership with the
government to accelerate the electronification of commerce,
we brought mVisa to life. Designed to meet the needs
of the 77 percent of Rwandan adults who are financially
underserved, mVisa is an interoperable mobile money
solution from Visa that uses VisaNet and makes use of the
Fundamo technology acquired by Visa in 2011. With more
than half of all Rwandan banks now supporting mVisa or
committed to join the ecosystem, the solution is a great
example of how Visa assets can help address an important
socioeconomic issue for developing economies worldwide:
financial inclusion.
3. We continue to develop our business in Myanmar and
to build out the payments infrastructure there. In 2013,
we licensed eight member banks, and today we have
acceptance of Visa-branded cards and products at more
than 160 ATMs and 100 points of sale.
Technology and Innovation
For decades Visa has been misperceived as a credit card
company or as a financial institution. In reality, we are a
digital payments network. Our business is people-light and
technology-heavy. Our revenues per employee are among
the highest of any large-cap company in the world. We enable
commerce across the globe by digitizing the exchange of
value, and we don’t do this just with people. This needs to be
supported primarily with technology that can authorize, clear,
and settle transactions in more than 175 currencies within
seconds. To do this, we have to have superb technology that is
scalable and reliable.
Innovation in payments has defined Visa. Our credit, debit,
prepaid and commercial products have changed the way
commerce works everywhere. We have enabled payments by