The payments industry is evolving rapidly. Within just a few years, more than half of all payments could be made with the mobile device instead of a card. This change is spreading in many parts of the world and is a development which is creating new opportunities. Not least because consumers, thanks to tokenization, can make simple and secure payments using smartphones, tablets and wearables as well as the Internet of Things.
In Sweden, as elsewhere in Europe, consumer behavior has changed. We have become accustomed to goods and services of all kinds being available around the clock and payments, whether it be online or in store, are expected to be simple and safe.
In just one year the number of mobile payments tripled in Europe, according to a survey we commissioned at the end of last year, with participants from 19 countries. More than half of the respondents said that they regularly use mobile payments. In Sweden, figures were even higher, nine out of ten Swedes have used mobile payment solutions.
We Swedes embrace new technology faster than ever, and for us at Visa it is important to meet the needs of customers and consumers. This is one reason why we continuously develop simple, secure and fast solutions that make life easier for people and businesses around the world.
Tokenization is an example, which was launched in Europe during the Mobile World Congress in Barcelona 2015. With today’s launch of Samsung Pay, tokenisation is now live in Sweden, enabling consumers to add their payment details in a safe and secure way. We will continue to add new opportunities for companies across the globe by opening up our platform, this is a way to enable and encourage creativity. In Barcelona this year we presented new solutions that will expand tokenization to all new services and use cases – you can read more about it here.
We are looking forward to an exciting continuation of the year. In February, we announced a collaboration with IBM's Watson IoT Platform creating opportunities to meet the growing needs created by the Internet of Things. We also recently opened Visa’s biggest Innovation Center in London where we, together with selected partners, are showing how services and products with different payment solutions will be combined in the future, regardless of device. Gartner has predicted that 20 billion devices in the global economy will be linked in that way in 2020.
One thing is certain. The change will continue and there will be an increase in digital transactions. We welcome this development and strive to make the everyday life of all our clients, all over the world, easier.
Keep your eyes open for more. The year has just begun.
Christina Lind, Country Manager
Download the Swedish version here