The credit card giant is now counting on these tiny gadgets as a channel for completing transactions.
Visa has revealed that it feels that wearable technology holds considerable promise as a mobile payments and mobile marketing channel, and it is expecting to experience returns from those devices.
The financial services provider is banking on wearables to reach consumers and to complete payments.
According to the senior vice president of global brand and marketing transformation at Visa, Shiv Singh, wearable technology, which is epitomized by smartwatches as well as Google Glass, may provide the company with a massive opportunity that will start to reveal itself very shortly into the future.
Wearable technology has the potential to successfully fulfill the role currently played by credit cards.
The reason, said Singh, was that the cards are constantly present within the purse or wallet of the consumer, but if he or she owned wearables, then it would always be worn and would, therefore, still be consistently present. He pointed out that the cards are currently pretty much everywhere that a consumer goes because they bring their wallets with them everywhere and added that “So when you think about wearable technology in this context, the opportunities are mind-blowing.”
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This concept aligns very well with the slogan of Visa, “Everywhere you want to be,” which was first brought in earlier in 2014 and is a direct reflection of the company’s goal to provide universal payments in a secure and convenient form. Singh explained that as a massive company that has tremendous brand recall, they are always seeking to improve and strengthen the relationships that they maintain with their customers.
While speaking, he focused greatly on the importance of the development of relationships and that the Visa brand is headed in a unique direction that provides its customers with “value and that makes people want to be there.”
Visa is far from the only company that has been looking to mobile when it comes to mobile and shopping, but this is one of the first large brands that has spoken out to recognize the potential of wearable technology in these terms.