Visa co­op­er­ates with Banque Misr, ExxonMo­bil to achieve fi­nan­cial in­clu­sion: Visa GM for North Africa

NEWLY LAUNCHED CITY OF DREAMS PROVED GAMES CAN BE POW­ER­FUL TEACH­ING TOOLS

The Daily News Egypt - - Business | Banking - By Hos­sam Mounir

Over the past years, Visa Inc has worked on in­creas­ing the ac­cep­tance of e- pay­ments across Egypt to meet cit­i­zens’ needs us­ing in­no­va­tive meth­ods. Gen­eral man­ager of Visa for North Africa and the Le­vant, Tarek El­hous­seiny, spoke to Daily News Egypt on his com­pany’s lat­est part­ner­ships and vi­sion for the Egyp­tian mar­ket.

Can you tell us about the part­ner­ship you just forged with ExxonMo­bil and Banque Misr?

We are co­op­er­at­ing with Banque Misr and ExxonMo­bil Egypt to launch a unique strate­gic part­ner­ship to in­crease elec­tronic pay­ment ac­cep­tance for petrol ser­vices through 100 Exxon Mo­bil sta­tions as a first phase. The part­ner­ship comes to ex­pand the ac­cep­tance foot­print and achieve fi­nan­cial in­clu­sion, which is con­sid­ered the ba­sis for eco­nomic devel­op­ment and boost­ing growth. This is achieved through the pro­vi­sion of com­pre­hen­sive fi­nan­cial ser­vices to the var­i­ous seg­ments of so­ci­ety.

The strate­gic part­ner­ship aims to en­able Visa card­hold­ers to use their cards in par­tic­i­pat­ing ExxonMo­bil sta­tions and to ex­pand elec­tronic pay­ments ac­cep­tance at these sta­tions. This part­ner­ship con­sti­tutes a pow­er­ful ex­am­ple of the col­lec­tive ef­forts of lead­ing in­sti­tu­tions to con­trib­ute to fi­nan­cial in­clu­sion and ex­pand elec­tronic pay­ments ac­cep­tance, al­low­ing for greater ben­e­fits for traders, con­sumers, and the Egyp­tian econ­omy as a whole.

This part­ner­ship is among the ac­tiv­i­ties that will con­trib­ute to mo­ti­vat­ing cit­i­zens by pro­vid­ing them with ac­cep­tance points for buy­ing their ba­sic needs, in­clud­ing pe­tro­leum ser­vices, as well as the use of di­verse elec­tronic pay­ment op­tions pro­vided by Banque Misr to meet the needs of the var­i­ous seg­ments of so­ci­ety. Chang­ing the cash cul­ture in so­ci­ety re­quires the con­certed ef­forts of dif­fer­ent part­ners and the pro­vi­sion of in­cen­tives to en­sure that the card­holder and mer­chants’ pref­er­ence is to en­ter the elec­tronic pay­ment sys­tem.

Can you tell us about the fi­nan­cial lit­er­acy mo­bile game you just launched in Egypt?

Visa un­der­stands that teach­ing con­sumers about money through “edu­tain­ment” or “gam­i­fi­ca­tion” is an ef­fec­tive means of de­mys­ti­fy­ing a com­pli­cated sub­ject by us­ing the com­pelling and fa­mil­iar medium of video games to learn while hav­ing fun. Games can be pow­er­ful teach­ing tools.

It has long been un­der­stood that young chil­dren learn through play, whether it is with blocks, pic­ture books, or even hide and seek. Learn­ing does not stop as we get older. Teens, and even adults, can learn while playing games and there is a wide range of games avail­able to teach a va­ri­ety of top­ics, in­clud­ing fi­nan­cial lit­er­acy.

City of Dreams is a mul­ti­plat­form game that teaches play­ers es­sen­tial fi­nan­cial lit­er­acy tips and in­creases their fi­nan­cial man­age­ment skills. Play­ers will have a fund to start with and are ac­quainted with ser­vices of­fered by fi­nan­cial in­sti­tu­tions in­clud­ing credit prod­ucts and loans. Play­ers will start out with a gro­cery store and other busi­nesses in­clude a phar­macy and a mu­sic store. At the start of the game, the busi­ness will ac­cept cash only then will re­ceive a POS af­ter ini­ti­at­ing a bank­ing re­la­tion­ship. Mo­bile pay­ment ac­cep­tance will also be en­abled once the player delves fur­ther into the gam­ing ex­pe­ri­ence. With mo­bile pay­ments ac­cep­tance, play­ers will ben­e­fit from an­a­lyt­ics to give them a bet­ter view of their sales, cus­tomer pref­er­ences, and prod­ucts they need to ac­quire.

Can you re­flect on Visa’s vi­sion of be­ing the best way to pay and be paid, for ev­ery­one, ev­ery­where? How do you con­tinue to achieve this vi­sion?

Visa’s net­work con­tin­ues to grow as more con­sumers and busi­nesses are drawn to the con­ve­nience of dig­i­tal pay­ments. We con­nect more than 3 bil­lion Visa cards and mil­lions of mer­chant lo­ca­tions in 200 coun­tries and ter­ri­to­ries. Each trans­ac­tion is en­abled by a global net­work of 16,300 fi­nan­cial in­sti­tu­tion part­ners and VisaNet, one of the world’s most se­cure, re­li­able, and in­ter­op­er­a­ble global pay­ment net­works. To­day, VisaNet pro­cesses more than 160 bil­lion trans­ac­tions a year. Im­por­tantly, ev­ery Visa trans­ac­tion on our net­work is se­cured by the in­dus­try’s most ad­vanced an­a­lyt­ics and fraud de­tec­tion tech­nol­ogy to en­sure con­sumers and busi­nesses can trans­act with trust and con­fi­dence.

An­other mea­sure of Visa’s im­pact is the ex­tent to which our net­work has served as a cat­a­lyst for in­no­va­tions in com­merce. The shar­ing econ­omy, on­line mar­ket­places, and e- com­merce all ex­ist and thrive in large part be­cause of the in­her­ent and uni­ver­sal trust in the Visa brand, the tech­nol­ogy sys­tems that un­der­pin its prom­ise, and the thou­sands of Visa em­ploy­ees around the world who sup­port it.

The abil­ity for Visa to con­nect bil­lions of de­vices in the world to our net­work is un­prece­dented. In many ways, it rep­re­sents the be­gin­ning of a new era where dig­i­tal pay­ments are un­con­strained by wired in­fra­struc­ture and any con­nected de­vice can be trans­formed into a Visa dig­i­tal pay­ment de­vice. Our net­work can now reach ev­ery­one, ev­ery­where and dig­i­tal com­merce can ex­tend to parts of the world pre­vi­ously ex­cluded from its many ben­e­fits.

We re­cently heard about the Visa Trans­porta­tion Cen­ter of Ex­cel­lence. Please elab­o­rate on how this cen­tre works.

The world around us is chang­ing at a pace that was pre­vi­ously unimag­ina- ble. Bil­lions of con­nected de­vices have made the shop­ping, pay­ing bills, and send­ing money to friends and fam­ily faster and eas­ier than ever be­fore. In many ways, smart de­vices rep­re­sent the be­gin­ning of a new era where dig­i­tal pay­ments are un­con­strained by wired in­fra­struc­ture— so, any con­nected de­vice can be trans­formed into a Visa dig­i­tal pay­ment de­vice.

And change isn’t lim­ited to the way that we shop and spend money— we’re also be­com­ing more ur­banised. We are wit­ness­ing the rise of the megac­ity— cities with pop­u­la­tions of more than 10 mil­lion peo­ple. In 2010, there were roughly 20 megac­i­ties with that num­ber, ris­ing to 32 by the end of 2017. By 2025, the num­ber of megac­i­ties is ex­pected to grow to 41. The United Na­tions pre­dicts that, by then, 66% of the world’s pop­u­la­tion will live in ur­ban ar­eas.

In ad­di­tion to a seis­mic shift in where peo­ple are liv­ing, there are also sig­nif­i­cant changes in peo­ple’s at­ti­tudes to­wards how they get around. There is a move from own­er­ship to shar­ing, from look­ing at trans­porta­tion as a prod­uct to a ser­vice. And, as more peo­ple move into the cities where space for cars be­comes a pre­mium, that shift will con­tinue to move at a pace.

The com­bi­na­tion of those three el­e­ments— con­nected de­vices, ur­ban­i­sa­tion and the change in con­sumer be­hav­iour— is why Visa is look­ing at the fu­ture of all modes of trans­porta­tion, from planes and trains to au­to­mo­biles and all of its an­cil­lary ser­vices such as fuel and park­ing. Visa’s global net­work of in­no­va­tion cen­tres are an im­por­tant part of this mis­sion.

We an­nounced the launch of a new pro­gramme fo­cused on trans­porta­tion led out of our largest in­no­va­tion cen­tre in the world— Visa In­no­va­tion Cen­ter Lon­don.

The new pro­gramme is fo­cused on giv­ing con­sumers a bet­ter ex­pe­ri­ence for any mode of travel, whether by air, rail, or car. By en­gag­ing di­rectly with air­lines, transit op­er­a­tors, car man­u­fac­tur­ers, rental com­pa­nies, park­ing, and fuel providers, Visa can help cre­ate in­no­va­tive so­lu­tions that in­te­grate new and emerg­ing tech­nolo­gies to make pay­ing for park­ing, tolls, buses, trains, and plane rides seam­less and se­cure.

Visa is co­op­er­at­ing with Banque Misr and ExxonMo­bil Egypt to launch a unique strate­gic part­ner­ship to in­crease elec­tronic pay­ment ac­cep­tance for petrol ser­vices through 100 Exxon Mo­bil sta­tions as a first phase

Gen­eral man­ager of Visa for North Africa and the Le­vant, Tarek El­hous­seiny

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