Visa wants to make payments invisible, build relevance through experiences

For Visa, the challenge is to make payments seamless while building a human connection with consumers beyond the transaction.

Gaurav Ramdev, head of marketing, India and South Asia, Visa, said the goal of marketing a payments network was to make it increasingly invisible to consumers, while ensuring the brand remained relevant to their lives.

“Seamlessness is something that consumers expect,” Ramdev said, explaining that payments at physical stores and e-commerce platforms should go through securely and without friction.

However, he added, marketing the brand also meant giving consumers a reason to choose Visa over other payment networks. For Ramdev, this involves building a human connection through advertising and being present at consumers’ passion points. Concerts, sports and other experiences offer opportunities for Visa to connect with consumers beyond the payment transaction.

He illustrated this with the example of buying concert tickets using a Visa card. While facilitating the payment is the functional role of the network, the marketing opportunity lies in providing access to experiences that consumers value. Ramdev also referred to Visa’s earlier campaigns featuring Sachin Tendulkar and its more recent campaign featuring Shah Rukh Khan, both built around the Visa Power proposition.

Personalisation is another trend shaping the future of card propositions, according to Ramdev. Consumers have different spending patterns and lifestyle needs, he said. A card that works for someone who frequently travels may not offer the same value to someone whose spending is concentrated on groceries, fuel and dining out.

The opportunity, therefore, is to move beyond broad consumer segments towards propositions that cater to individual needs. “We are moving to the territory of N is equal to one. What is the card that fits my lifestyle?” Ramdev said.

Consumers may hold multiple cards to access different benefits, ranging from travel privileges to dining offers. Ramdev said the aim should be to develop propositions that better match individual lifestyles and reduce the effort involved in deciding which card to use.

He cited the growth of airport lounge benefits as an example of how an emerging consumer preference can translate into a card proposition. Payment networks and issuing banks work together to identify such opportunities and develop relevant benefits for customers.

Ramdev also highlighted differences in consumer aspirations across Indian cities, pointing to product consumption in Tier 2 and Tier 3 markets and a growing interest in experiences among consumers in Tier 1 cities. E-commerce is helping consumers in smaller cities access a wider range of products, including premium brands that may not be readily available through traditional retail infrastructure, he said.

“Consumers today are more bothered about access to experiences than just simply buying stuff for themselves,” Ramdev said.

He also pointed to the growing aspiration to be a global citizen. Consumers increasingly follow trends and experiences beyond India, whether that means trying products popular in other markets, travelling overseas or attending international sporting events.

Ramdev cited Visa’s sponsorship of two Formula One teams as one example of the brand’s association with global experiences. He also referred to travel-related offers available through Visa’s Visa Power Travel platform, which provides access to offers and rewards for cardholders travelling internationally. According to Ramdev, access to international products, travel and experiences is becoming an important part of what consumers aspire to.

He described India as being at a stage where consumption is moving beyond needs towards wants, creating opportunities for brands to connect with consumers through their aspirations.

Consumer spending patterns can also help banks develop more relevant card propositions, Ramdev said. For instance, spending on fuel can indicate an opportunity for a bank to offer a customer a card or benefit better suited to that category. However, he clarified that Visa does not hold the same customer-level spending information as the issuing bank.

Banks can use their customer relationships and spending information to identify relevant opportunities, while Visa enables transactions and works with banks, wallets and fintech companies to support payment propositions and benefits.

The distinction is important for a payments network whose role is to facilitate transactions while working with partners to deliver value to consumers. For Visa, the opportunity lies in combining secure, seamless payments with relevant card benefits and access to experiences that consumers increasingly value.