Visa addresses future of payments innovation at summit
Global payments company, Visa, recently hosted its Security Summit for Middle East and Eastern Europe. The event brought together key stakeholders to discuss the trends, challenges and innovations in payments security that are transforming the way we pay across the region and globally.
Visa said the summit theme, “The Future is Digital — Securing a Connected World,” reflects the growing connectedness of an increasingly digital world shaped by new consumer behavior, new players, and new solutions.
Gathering in Tbilisi, Georgia, leaders from Visa and around 100 senior executives from financial institutions, merchants and governmental bodies across MENA and eastern Europe discussed local and global risk trends, protecting the payments ecosystem from evolving cybersecurity threats, improving the customer experience, and shaping the future of digital payments.
Delegates also discussed a number of key challenges, including the expansion of the fintech sector, the emergence of connected devices, and the new security vulnerabilities, which must be addressed to maintain trust in the overall system.
Hector Rodriguez, regional risk officer for central and eastern Europe, Middle East and Africa, Visa, said: “For people, merchants and governments to use electronic payments and enjoy their benefits, they need to trust them. That is why we invest in cutting-edge technology, and collaborate with our partners through platforms such as our Security Summit to ensure everyone is protected every time they pay or are paid using our products, solutions, and network.”
He added: “The ever-changing nature of security risks necessitates continuous innovation to keep all parties involved in a transaction safe and secure. Visa Checkout, for instance, is a highly effective innovation that is helping to underpin the rapid growth of the region’s e-commerce sector. Meanwhile, contactless innovations can provide additional security to in-person transactions by generating a unique code that makes stolen card information unusable.”
A representative from Al-Rajhi Bank said: “In the dynamic banking market of Saudi Arabia that is evolving faster as the government accelerates its economic diversification agenda, continuous innovation is a necessity to safeguard the interests of all the parties involved in the process. Partnering with global companies like Visa helps us to foresee and analyze potential risks, and put in place systems that ensure the security of our systems.”