Visa is seeking to redefine online shopping experiences and reshape loyalty programs by leveraging artificial intelligence (AI) and adapting to regulatory reforms, according to Visa head of Value-Added Services Division Antony Cahill
A former executive at ANZ and National Australia Bank, Cahill revealed how AI and technology investments were pivotal to Visa's transformation beyond a payments brand.
Visa has invested $11 billion in technology over five years and $3 billion in data and AI over the past decade.
Cahill highlighted Visa’s transition towards “multi-scheme” solutions, enabling interoperability across competitors’ networks.
More than a third of Visa’s revenue now stems from value-added services, which encompass risk management, identity solutions, advisory services and loyalty program innovations.
AI’s role in e-commerce transformation is central. Cahill illustrated a scenario where AI could autonomously select gifts based on customer preferences, historical data and social media activity, representing a seamless integration of technology into everyday transactions.
Meanwhile, loyalty programs face significant disruption due to the Albanese Government’s crackdown on excessive surcharges.
With a potential ban on surcharges by 2026, partnerships between banks and airlines are under threat.
Cahill noted a shift towards direct merchant-customer engagement, enabled by AI-driven, could deliver customers with more curated offers.
Visa has also introduced its Web3 Loyalty Engagement Solution to help merchants design bespoke programs, aligning with industry trends favouring direct rewards funded by merchants rather than surcharges.
Paul Weingarth, co-founder of Slyp, added that merchants increasingly viewed loyalty rewards as a strategy to retain spending within their networks.