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Financial services firm support sellers, buyers in shift to digital-first economy

Financial services company Visa and its partners have connected more than 61 million merchant locations globally as a response to the changing eCommerce landscape caused by the COVID-19 pandemic. By leveraging its network, partners and products, the firm is able to help sellers get online easily to reach more customers.

Visa has been addressing payment pain points for both buyers and sellers for decades opening up different channels to widen the reach and enable financial inclusion in the process.

“Collectively, our business and our brand are laser-focused on leading economic recovery efforts in the weeks and months ahead, helping businesses everywhere navigate through these common challenges with requisite urgency,” Visa said in a media release.

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The company shared what the future scenarios that might shape the present of cashless or contactless payment system.

Contactless transaction is strongly encouraged to help curb the spread of the virus that causes COVID-19, which led to the shift to digital-first commerce. Consumers are now embracing online purchases or app purchases. Visa said leading companies and brands are already powering cohesive omnichannel strategies that integrate mobile, online, and in-store commerce seamlessly. As millions of new buyers experience digital commerce for things like groceries, meals and household staples, expect these newly formed habits to last.

Shift to digital-first

The recovery from the initial shock of lockdowns seems swift, at least for small businesses. Recognizing opportunities amid the sudden movement restrictions, businesses have come to navigate their way and immediately found solutions to what was once seen as problems. Visa said it is uniquely positioned to help small businesses pivot and thrive as digital businesses, whether that means creating a new online presence or recognizing the changing ways consumers are spending online. In an effort to get more SMEs online faster, Visa and Shopify are partnering to provide all Visa cardholders in Australia a three-month free subscription to the Shopify platform, helping to get them selling online quickly. Globally, its Fintech Fast Track program is helping small businesses that are innovating in the financial space get up and running fast and with dedicated Visa support.

Visa can also equip companies with Visa Direct in salary disbursements with Visa debit cards. Earlier this month, Visa added South Korea to its list of markets in the Asia Pacific that offer Visa Direct, joining Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, Thailand, Taiwan, and Vietnam.

Contactless payments

Contactless payment is just an option until a few months ago. Today, it is becoming a necessity, again, to avoid contact during transactions. Visa has doubled down on its contactless efforts around the world, including raising spending limits to enable a larger number of PIN-free purchases in about 40 countries.

Because almost everything will be online, Visa can provide access to data and analytics that help clients and partners understand the impact and effectiveness of the critical decisions they are making today. The company can assist sellers in risk assessments by drawing on data from billions of worldwide transactions.

Visa launched a COVID-19 Dispute Monitoring Program on April 1, 2020, to help companies and sellers properly address the initial effects of the disruption in the economy. Through Verifi, Visa also offers services that can help prevent disputes and resolve disputes before they become chargebacks.

Visa said it is committed to helping businesses implement complete solutions that protect both consumers and sellers in an increasingly digital-first world.

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