5,465 $m
Financial Services
It has been an active year for Visa, as it has expanded its core products and services business, invested in new payment technologies, and named a new CEO, only its second in the brand’s history. CEO Charles Scharf, appointed in November 2012, has led the charge to help Visa become a more flexible brand. The brand’s “digital wallet” service, a payment platform for online and mobile transactions, V.me, seems to be finally gaining traction. Targeting growth opportunities in e-commerce, Visa aims to put V.me in the hands of more than 50 million consumers. With its “Currency of Progress” mission that aims to extend the benefits of electronic payments globally, Visa is working with governments and organizations to supply e-payments “For everyone, everywhere.” The brand had a strong presence at the London 2012 Olympic Games, working with almost 1,000 financial institution clients and retail merchants. While its overall Olympic campaign was deemed a success, Visa did not achieve its “contactless revolution” goals, with less than one percent of contactless credit cards in circulation resulting in payments using wave pay technology. The brand also received some negative press over Games attendees having to use Visa cards to purchase tickets and make purchases at Olympic venues. Visa continues to struggle to strongly differentiate from its competitors, but its brand is gaining momentum with innovative digital technology and increased presence globally.