Mobile payments and credit card processing can live in harmony despite their class differences, claims credit card specialist Visa. Author: Ashley Curtis
Mobile payments and credit card processing can live in harmony despite their class differences, claims credit card specialist Visa.
According to the firm, the plastic card still has a place in emerging markets, such as Indonesia and India – where mobile payment platforms are driving growth, reports totaltele.com.
Thanks to the growing middle class culture in these developing countries, credit cards will still be sought after by these consumer groups, despite the “anticipated ubiquity” of mobile payment systems.
Elizabeth Buse, Visa’s group president for Asia Pacific, Central Europe, Middle East and Africa, said in an interview cited by marketwatch.com: “In those markets, you will have people who want feature-rich credit products, typically with a card – those are the people that travel a lot, who do traditional shopping online and who tend to be at the top of the pyramid.
“Then you will have the people from the rural areas, who today are excluded from financial services, who will likely have mobile as their only way and then you’ll have some hybrid in between,” she added.
Visa’s comments arrive at the same time it has planned to hold its first board meeting outside of US. The firm chose Singapore as the location for the meeting, due to 900 of its 8,000 strong staff being based in the country.