'Analytics and Loyalty - Something Acquirers and Processors Can Turn to Their Advantage' Says VISA Chief

Post by:
September 8, 2021
Post by:
No items found.
September 8, 2021
'Analytics and Loyalty - Something Acquirers and Processors Can Turn to Their Advantage' Says VISA Chief'Analytics and Loyalty - Something Acquirers and Processors Can Turn to Their Advantage' Says VISA Chief

Bill Gaida, SVP Devices, Platforms, and Mobile Operations of Visa, said, “The idea of using data analytics technology and skills is something that Visa can turn to their advantage.”

The global m-commerce market has nearly reached the $500-billion mark. According to a prediction by eMarketer, 22% of all retail commerce sales in the US will come from purchases made on mobile devices. The total value of mobile commerce is expected to exceed $120 billion by 2017, with more than 150 million users. Mobile commerce growth in the US is driven by increasing convenience, value, and security available to consumers via mobile devices.

According to data from Monitise, mobile commerce is growing at about three times the rate of e-commerce. Mobiles account for 20% of all online purchase volume worldwide. In addition, mobile commerce also allows brick-and-mortar retailers to engage with their customers better when they are near the store or in-store by using proximity marketing techniques.

The transaction processing industry is experiencing a sea change in the present era with emerging software technology in the payment sector introducing new payment methods such as mobile point-of-sale, Android Pay, Square, Apple pay, etc. It is rather crucial for these processors to adapt to the new payments technology. Mobile payments, loyalty, and analytics have provided the players operating in the payments processing industry an entirely new revenue stream to grow.

According to a report by GrowthPraxis, the market for value-added services is expected to be greater than the market for processing by 2019. The processing revenue is expected to be $17.4 billion by 2019. Value-added services such as analytics, loyalty programs, proximity marketing, and prepaid cards are in massive demand by merchants. Processors and acquirers, being in direct contact with the merchants, have an excellent opportunity to up-sell/cross-sell these solutions and provide platform/program management support to merchants. Of all the value-added services, prepaid cards, analytics & loyalty program development market is expected to be the biggest revenue generator for the industry in the years to come.

Analytics allows organizations to identify patterns and categories cardholders through many attributes and variables. Mobile technologies have greatly enhanced this data collection by giving organizations valuable information about individuals’ transactions, preferences, and online interactions. Additionally, acquirers, processors, and network providers can benefit from analytics as a loyalty service.

Given the amount of customer transaction information being collected, they have a tremendous opportunity to use that data to serve better and retain their current cardholders and acquire new ones. Transaction data derived from customer activities like purchases, cash withdrawals, balance transfers, or ATM withdrawals will provide a complete picture of cardholder behavior and, in turn, identify which cardholders are the most profitable.

To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.

Create secure frictionless customer experiences using modern identity solutions

Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.

Prove: the world’s most accurate identity verification and authentication platform

Trusted by 1,000+ leading companies to reduce fraud and improve consumer experiences. Contact us today to learn how you can frictionlessly secure your digital consumer journey — from onboarding to ongoing transactions.

Keep Reading...Read our latest white-paper on this subject!

Tap the button below to read our latest white-paper on the subject as industry leaders.

Accelerate your onboarding

Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.

Create frictionless customer experiences

Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.

Schedule a demo

Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.

Schedule a demo

Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.

Interested in more information about Prove Pre-Fill?

Download the Report

Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.

Interested in more information about MFA?

Download the guide now to learn how you can improve security, cut down on fraud, and create the best possible customer experience.