Visa Looks to Diversify to Keep up with Payments Competition
Visa has started to look beyond their core offering for additional revenue opportunities as the payments market heats up; “The scope of what we can do has vastly expanded,” Vasant Prabhu, CFO of Visa, told Business Insider; the firm is looking at new payment flows and extra features like consulting, data solutions, and fraud monitoring; “The use cases are extraordinary and significant and we will develop them over time.” Prabhu said. “This is a very long-term growth trajectory.”; payments have quickly become one of the hottest areas in fintech, especially with the onset of the current crisis and the quick shift to almost all digital payments; Visa believes its security and data offerings could generate as much as $3.5bn in revenue this year, which would be a 20 percent increase from last year; “The appeal of Plaid was the fact that it’s the nuts and bolts, the real infrastructure that fintechs are using to get access to people’s financial accounts,” Prabhu said. “We have an opportunity to not only enhance what Plaid can offer them, but build in additional services for the fintech community,” he added. Business Insider.