Visa International, the leading provider of payment solutions, announced today that experts from around the world will gather in Dubai to examine how new technologies are driving, and will continue to drive, convenience, security and efficiency for consumers, businesses and governments. Visa International is hosting a conference on 7th March 2006 titled “The Future of Payments - Visa Avenue 2010”, which will discuss current and future technological developments that are set to play a significant role in spreading electronic payment solutions to both the private and public sectors.
Keynote speaker, Dr. Mohamed Khalfan bin Khirbash, UAE’s Minister of State for Finance and Industry said: “The E-Government project that is now well underway critically brings technology directly to our stakeholders and allows us to have much more effective and efficient interaction with them.
E-Government automates financial transactions across all government entities and allows for a more efficient interaction between the government and the private sector. The project establishes a standard technology foundation of policies and guidelines to be used across federal entities. It also provides a platform on which to promote increased economic integration and cooperation between the public and the private sector by ensuring that all economic activity, whoever the driver, is highly transparent, efficient and on a level playing field."
Other highlights of the conference include case studies such as the Moscow social card, China’s Mass Transit Contactless Applications, Taiwan’s National Health Insurance Card and the US Defence Ministry’s Access Card, all of which exemplify chip technology based on open standards being applied in the public sector.
Mrs Anne Cobb, President of Visa International CEMEA (Central and Eastern Europe, Middle East and Africa) said: “Technology has transformed the way we live, work and do business. Governments and banks are harnessing technology to make life easier for consumers and to make payments more efficient.
Research shows that moving to efficient payments can significantly boost a country’s gross domestic product (GDP). There are some outstanding examples of technology that is making a real difference and we are delighted to be able to showcase some of the world’s most advanced payment solutions in Dubai.”
“The Middle East is developing at an impressive pace and many of the commercial and e-government projects that are underway have a payment aspect. Visa will continue to offer support to these initiatives by offering advice and appropriate solutions which will enable the Middle East to be at the forefront of this type of technology,” Mrs Cobb added.
Mr. Kamran Siddiqi, General Manager for Visa International in the Middle East cited Visa’s role as a leader in new technologies: “Technology is the backbone of the payments industry and Visa is always looking to the future to find ways to make payments safer, more efficient and more convenient. Our expertise stretches from payment processing solutions to contactless chip cards to mobile payments and beyond, all of which contribute to more streamlined and efficient channels through which commerce can be conducted. The Future of Payments conference will provide a high profile platform to share best practices, highlight the benefits of using open standards and pave the way for more sustained growth of emerging markets.”
Demonstrations of present and futuristic technologies in electronic payments will be presented during the conference where delegates can undergo an interactive experience of these new technologies at Visa Avenue 2010; a stylized street scene that captures the international flavour of cosmopolitan Dubai in 2010 and represents the future of commerce. The Avenue provides a glimpse of what the payment experience might deliver and allows visitors to engage in a full spectrum of personal commerce that could be commonplace five years from today.
The Avenue will be built to expose visitors to what the Visa network, its technology and its products are capable of today. It is an interactive streetscape that has been built to function like an actual street consisting of everything from smart billboards and high-tech cafes and shops to personalised news services.
The conference is expected to attract more than 100 international delegates and will be held at the One and Only Royal Mirage Hotel, with attendance by invitation only.
Following the main conference on 7th March 2006, Visa will host merchants and acquiring banks from the region to Visa’s inaugural Merchant Solutions Conference on the 8th March 2006 where Visa demonstrates a wide range of acceptance-based technologies and best practices across a variety of merchant sectors. Key Visa and industry speakers will be outlining the experiences and opportunities that are available to further grow their businesses.
About Visa International: Visa International is a service association owned by, and comprised of, 21,000 member banks. These banks have issued over a billion Visa cards worldwide on which US$3 trillion per year is spent across over 150 countries.
Visa’s role is not to make a profit but to provide payment solutions for its member banks, enabling them to issue cards and process merchants’ Visa card transactions. The Visa products issued by the banks are safer, more convenient and more efficient than cash. Furthermore, they help to bring people into the banking system and to increase the funds available for commercial loans, the lifeblood of a growing economy.
