Gaps in economic opportunities have made it difficult for all individuals to take part in the global payments ecosystem. To address those gaps, society needs public policies designed to empower citizens, small businesses, and economies alike.
That's where VEEI has an important role to play. We're an independent center of excellence—established by Visa—that develops research and insights that can help inform and promote policies that will help all people thrive.
Small businesses, particularly the startups that were born of adversity and opportunity during the pandemic, have benefited from digitization. We recommend three steps for policymakers to help them thrive.
Digital identification that is inclusive and equitable for everyone, everywhere is a common good. It benefits people, businesses, governments, and numerous other entities including education and health systems.
A survey of small businesses in Brazil, Colombia, Malaysia, the Philippines, and South Africa found that embracing digital and cross-border capabilities helped them to better weather the pandemic.
Global network connections help businesses in developing countries thrive – and help their countries’ private sector grow.
Small businesses can and should participate in cross-border commerce. So, we have to rethink trade policies and make them work for all sizes of business.
As more central banks explore the implications of building their own Central Bank Digital Currencies (CBDC), each individual central bank will be confronted with an obvious challenge: they are not the only ones. We envision and evaluate scenarios of how various CBDC networks could operate around the world.
The private and public sectors should work together to digitize remittances from end to end, so receivers can use funds digitally in their everyday lives.
We develop the research and insights, and uncover data that can be used to create policies that encourage the participation of all people in the payments ecosystem.
To accomplish this, we currently focus on three areas:
Our work is focused on societal issues, inclusive economic growth, financial inclusion, small business recovery and resilience, and government partnerships.
Progressive digital and cross-border trade offers growth opportunities that can improve the economic future of individuals, businesses, and governments.
We identify opportunities for the public and private sectors to work together to sustain an open and innovative payments ecosystem so that individuals, businesses, and economies can thrive.
Inclusive economic empowerment is Visa’s number one priority. You can see it in our initiatives, in how we treat our people, and in the way our business elevates members of our network
—Al Kelly, Chairman & CEO, Visa