Visa plans to work on a universal payments system in order to respond to the growth in connected devices capable of making transactions. The company also plans to open its network to existing domestic national payments systems, chief executive Charlie Scharf told Les Echos in an interview.
Opening up Visa's network to connected devices and the rapid replacement of cash payments by electronic transactions will require massive investment and this led to the company's recent EUR 13.3 billion purchase of Visa Europe, which was completed last month, Scharf said.
In May, Visa Europe launched its Visa Europe Digital Enablement Programme (VEDEP), leveraging the power of the Visa network to simplify the implementation of third party mobile wallets. Participating banks automatically have access to any third party wallet provider that is a VEDEP participant and launch partners included Google's Android Pay platform and major UK banks.
Scharf said the merger of the two groups will also help them absorb the impact of the UK's decision to end its membership of the European Union, which he said is likely to have disruptive effects on the sector.
