Updated Friday,20October2023 - 11:19

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In an ever-evolving world, on more than one occasion we have asked ourselves "to what extent has technology redefined aspects of our daily lives?". And you only have to stop and think about all the opportunities that mobile technology has opened up for us, for example, which allows us to socialize, work or buy at the click of a button.

Examples like this show that technology opens up a range of opportunities. That is precisely what Visa, a world leader in digital payments, wanted to analyze through Visa Day 2023. A space that brought together institutions, financial institutions, businesses and fintech to reveal what the future will be like, where instant and invisible payments, the fusion of the physical and digital in the shopping experience, or more sustainable and digital cities have been some of the most prominent trends.

During the two round tables and six presentations that made up the day, Visa wanted to highlight how the company "is constantly developing the next great innovations in payments while ensuring that they are easy, accessible to all and secure, collaborating with the entire ecosystem to respond to consumer demands". said Eduardo Prieto, general director of Visa in Spain.

'Phygital' experiences: the fusion of the physical and the digital that enhances the shopping experience

Digitalization has made it possible to substantially improve the shopping experience, both physical and online, and in this context the Phygital concept has a lot to say. It consists of elevating the shopping experience through the convergence of physical and digital aspects, breaking down the barrier between the two worlds and merging their advantages to create deeper and more personalized interactions with customers.

Experiences such as self-service kiosks in many fast food restaurants or Click and Collect in stores are some of the trends in this field. In the words of Juan José Llorente, Adyen's Country Manager for Spain and Portugal, during his presentation at Visa Day, "in the phygital experience, consumers are looking for convenience, speed, security and acceptance when it comes to paying. Mobile payments, e-commerce payments or solutions such as Buy Now, Pay Later can be allies to meet the needs of consumers."

A commitment shared by Visa, introducing, in collaboration with merchants, innovative solutions such as 'Click to Pay', which allow consumers to make seamless, convenient and secure online purchases without having to enter card details for each purchase.

Instant Payments: The Payments of Today and Tomorrow

Immediacy is another factor that prevails in the needs of consumers, where instant and invisible payments arrive to respond to this demand.

This is one of the main conclusions of the round table held on the future of payment methods from the perspective of fintechs, which was led by Eva Ruiz, head of Fintech at Visa for Southern Europe, together with spokespersons from some of the fintechs participating in the second edition of the Visa Innovation Program Europe. the initiative to promote fintechs launched by the technology company: Eduardo Martínez, CEO and founder of Toqio; Miguel Santo, CEO and founder of Coverflex, and Fernando Pedraz, co-founder and CEO of Reveni.

In this talk, some of the innovations that fintechs are promoting were highlighted and where, according to Pedraz, "it is essential that the industry is at the forefront of this revolution. In our case, we promote the adoption of instant payments to provide the best experience for consumers. It's already happened with delivery and other industries, and in the world of payments, where not everything was instantaneous, everything is being bet on being much faster."

Digitalisation of tourism: driving growth in Spain

Given the fundamental role that tourism plays in our economy, Visa Day also wanted to address the digitalization that this sector has experienced in recent years, as well as the role that digital payments play in improving the tourist experience in Spain.

A sector that, as Carmen Gavilán, Payments & Fraud Manager at Iberia, acknowledges, is experiencing "a very important boom in payment from mobile devices". Something that, according to Gavilán, "analysing the new consumption habits of tourists we have realised that it was necessary to digitise all processes and make payment available from mobile devices in any country or time of purchase of the customer (the airport, the website...)".

Digital payments can improve the tourist experience inside and outside Spain. They allow you to pay with the same physical or virtual card that they use in their country of origin from the moment they arrive at the airport, order a taxi or take the bus to a dinner in a restaurant or buy tickets to the museum. In fact, Visa is already working with more than 650 urban areas around the world to introduce digital payments in urban transport, such as the EMT in Madrid or TMB in Barcelona.

The cities of the future present numerous challenges and opportunities, challenges where technology will play a very relevant role in the way we pay or move, where the consumer experience and the fusion of the physical and the digital will be more important than ever.

Made by UE Studio

This text has been developed by UE Studio, creative branded content and content marketing firm of Unidad Editorial, paraVISA.