As an industry, we have to think beyond the individual and consider entire societies.  We have to look at the role that electronic payments can and should play in the digital world. As a trusted brand in payments, Visa has responsibility to use our business to connect the world – enabling economic growth and strengthening economies while also helping improve lives and create a better world. We are a leader in the private sector in developing programmes to help improve financial literacy for the unconnected and the unbanked – educating on the basics of personal finance.
The Visa Foundation, the philanthropic arm of Visa, works with charitable organisations to support underserved people and communities. As its central focus, the Visa Foundation is committed to helping low-income, financially underserved micro and small enterprises around the world to thrive and prosper. The Foundation made its first financial commitment earlier this year with a grant of $20 million to Women’s World Banking and its 49 member institutions from 32 countries.
We’ve recently partnered with Lloyds on an initiative where retailers will be paid to offer cash back services to customers – as bank and cash point closures have prompted concerns around access to physical money. Currently business owners do not receive a fee when providing cashback to their customers. The new fee will offer more support to retailers and increase the number of places where people can withdraw their money.  The scheme is aimed at creating more availability where access to cash is challenging and customers will still have the choice to pay with their cards and mobile devices as they do today.