Monday, March 02, 2009

Visa expects growth as consumers shift from cash to credit cards

Philippines - Visa Inc., the world's largest retail electronic payments network, is banking on consumers and businesses shifting to electronic payments from cash and check payments, country manager Bob Joubert told reporters.

As one of the most recognized global financial services brand, Visa is "cautiously optimistic" of the global economy but Mr. Joubert said the Philippine economy is "resilient."

"Things seem to change frequently that almost everyday you have new shocks; it is very hard to forecast. For this year, we are cautiously optimistic we will have a sound growth but not anything stellar as for the rest of the world. In the long run, we are very optimistic about the prospects for the Philippines. Like anybody else, we see the Philippines as a good, strong developing Asian country. We are committed to the country; we are determined to be here for the long haul," he added.

Visa has launched its first global advertising campaign called "More People Around the World Go with Visa" in the United States and Japan. The Philippines is the first Asian country it will launch the campaign focusing on its growth strategy of migrating consumer and business spending from cash and checks to electronic payment.

Visa offers branded payment product platforms used by its financial institution clients to provided credit, debit, prepaid and commercial programs to their customers.

"We don't expect people to buy more stuff. But we hope they will switch their method of purchase from using cash and checks to using Visa cards because it is more convenient and secure. It also gives them a good budgeting tool to plan their spending for the future. Internet purchase is a growing phenomenon. Visa provides that ability to enjoy using that channel," Joubert said.

Through the campaign, Joubert said, Visa will have one brand strategy to support clients and products.

"We are not encouraging more spending but Visa being used when you buy stuff. Electronic payment is safer and more convenient way to pay," he added.

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