Visa CEO Joseph Saunders says the payment card processing firm sees immense potential in the mobile payments sector driven by an increasingly tech-savvy younger generation “weaned on electronics.” However, to take advantage of this trend, Saunders says the payment technology must be seamless, flawless, and reliable. “If you’ve got something sitting in a phone and somehow the phone runs out of juice, or it doesn’t work or something like that, you’re kind of up a creek,” he notes. Saunders anticipates that Visa’s long-term opportunities for breakthrough retail/banking technology will likely come from emerging economies such as Africa and India. “It’s going to be as individuals move up into middle classes,” he predicts. “Are they going to be using electronic money or aren’t they going to be using electronic money?” Saunders sees advantage in the advent of a cashless society whose currency is digital, emphasizing the simplicity of using a phone rather than a card to make payments.
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