Visa: AI transforming payments landscape
As we navigate the evolving payments landscape, advancements in AI, digital identity, real-time payments, embedded finance, and cross-border transactions are poised to redefine the industry by 2025. To delve deeper into these trends, CNBC Africa’s Nastassia Arendse sat down with Andrew Torre, President of Visa in the Central and Eastern Europe, Middle East and African Region.
Mon, 03 Feb 2025 11:27:46 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- The growth of digital payments in Sub-Saharan Africa driven by rapid digitization and increased adoption of Visa cards
- The shift towards a cashless economy with a rise in contactless payments and a decline in cash transactions
- The role of AI in transforming payments, including real-time fraud prevention and personalized consumer experiences
Visa, a global leader in payments technology, is at the forefront of driving innovation and transformation in the payments industry. In a recent exclusive interview with CNBC Africa, Andrew Torre, President of Visa in the Central and Eastern Europe, Middle East and African Region, discussed the evolving payments landscape and the role of artificial intelligence (AI) in shaping the future of digital payments. Torre highlighted the significant growth in digital payments across Sub-Saharan Africa over the past year, driven by factors such as rapid digitization, increased adoption of Visa cards, and the growth of e-commerce. The region has seen a 27% compound annual growth rate in digital payments, with a significant rise in contactless payments, representing a shift towards a cashless economy. Torre emphasized that digital payments are increasingly becoming the preferred method of transaction, with a projected decline in cash transactions.
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