“E-commerce will develop by using a hundred% per 12 months” Interview with Vera Platonova

The FINANCIAL — Visa in September announced Vera Platonova as its Senior Vice President and Group Country Manager for Visa CISSE. Platonova, who worked for Visa from 2007-2010 in Ukraine, now oversees all Visa operations in seventeen markets throughout Eastern Europe, Central Asia and Southeast Europe, and reports to Visa’s Regional President of CEMEA, Andrew Torre.

Platonova is a fantastically experienced executive within the fee systems and retail banking sectors. Her seventeen-12 month’s career includes method development and implementation, enterprise development and operational management. Platonova joins Visa from MasterCard, in which she changed into the General Manager for the enterprise’s representative office in Ukraine, Moldova, Georgia, and Central Asia for more than 8 years.

Georgia is the 2nd u. S. Within the World on the range of contactless transactions

As a part of Visa CEMEA’s local management team, Platonova may also constitute CISSE within the regional and international Visa network, ensuring that high-quality practice from other markets may be offered to the local payment atmosphere.

The FINANCIAL talked with Platonova about Visa’s future visions and development method in Georgia.

Q. What is the development approach of Visa in Georgia and its plans for 2019 mainly?

A. We will genuinely pay a good deal more attention to the popularization of cashless payments with Visa inside the united states of america. We may be focusing on the paintings with key stakeholders, key banks, but no longer only that. We will carry many extra sources into the united states of america. Georgia has been recognized as one of the key nations we need to consciousness on. So if we are talking about the mass segment, we are thinking about what extra value we will offer to cardholders to aid banks of their efforts to pressure cashless and POS utilization. We may even deliver a number of premium merchandise and advantages to the marketplace. We wish to make Visa top of the pockets and force utilization of this phase because there nevertheless is a lot of coins here.

Q. What is the Visa’s role in growing payment technologies?

A. As you know, Visa is a global leader of charge technologies and it’s genuinely very hard to hold this position of management. Now the complete global is transferring to mobiles, to wallets, to all sort of devices, which can be turning into new fee methods. We see that the destiny of charge lies now not in the plastic world, but extra within the global of payment revel in. I assume our vicinity is one of the maximum evolved globally, especially Georgia. Currently, Georgia is the second one used inside the global by way of the quantity of face-to-face contactless bills at POSes), proper after Australia.

Q. What is Visa’s method to blockchain in Georgia?

A. The blockchain is a complete large and one of a kind subject matter from our core commercial enterprise. In a few markets, it’s a sort of startup fashion that’s every so often followed and every now and then not. Therefore, we genuinely don’t construct our approach with full consciousness on blockchain answers because our middle business, the sector of payment itself, is growing too rapidly. We want to observe blockchain in 2-3 years and recognize the way it works and the way it may be combined with every day enjoy of humans in payments.

Q. What are your best challenges in relation to innovation?

A. I suppose for all these 60 years of Visa’s records the challenges have nearly unchanged. One is the principal task is converting the behavior of cardholders – shifting to cashless bills from cash. It’s huge combat which we were fighting for the previous few a long time. If we take as an instance Georgia, one of the most advanced markets, best round 30% of its general extent goes through cashless bills, terminals at merchants. The relaxation is coined from ATMs or cashier desks. This transition from cash to cashless is growing yr on the year, but we are still now not absolutely there, it is a long manner in advance. We rely a lot on the experience of mobile payments because the whole world shows that the behavior of cardholders adjustments dramatically after they acquire the possibility to pay with the aid of cellphone.

We are very an awful lot worried in all varieties of social tasks, in instructional projects all around the globe to deliver a cashless experience to the parts of the populace for which this manner of bills is not so apparent. Last 12 months we had a large initiative with National Bank of Georgia, based totally on our big platform Financial Football. We are looking to approach humans from all angles, from social perspectives, from person experience perspectives, and from technological perspectives.

We additionally pay quite a few interests currently to e-com. In Georgia, around 50% of payments in go border is achieved in e-com. Overall the percentage of e-com is best 9% if we have a look at home, even though it’s developing. That’s why we’re doing plenty of things to lower people’s worry about paying digitally.

Q. What are the principle differences between the conduct of Visa users in Georgia and people in other Eastern European international locations?

A. I think that customers in Georgia are definitely an instance to observe compared to in many of the surrounding nations, together with Europe. Georgia became the first united states inside the location of the CEMEA (ninety international locations) in which Visa launched its Visa payday card. Since that time Georgia has been the maximum advanced contactless recognition market with outstanding effects (nine out of 10 transactions are contactless right here). And people are very open to any innovations. We have three issuers wallets, offered by using TBC Bank, Bank of Georgia and VTB Bank. They are very famous and that is a signal that human beings are tons greater prepared for price innovations, sometimes even extra so than the huge corporations.

Q. What prospects do you spot for the development of e-trade in Georgia?

A. E-trade percentage is only nine% within the charge extent, and 5% in transactions currently, that’s quite small. As I noted earlier, in go-border round 50% of the quantity is in e-com. I recognize that there are some accurate cases of e-com already inside the united states of america. From the revel in of Ukraine, Belarus, and other countries, which have already started pretty huge expansion in e-com, I can say that this market can develop via one hundred% in line with 12 months, dramatically and right away. A lot of duty for the best of this enjoy lies on banks. We are thinking about making this experience very smooth, like a single click.

Q. What are the principle benefits Verified through Visa and how this enables to pressure e-com?

A. First of all, the key banks are already licensed for the generation ‘Verified by means of Visa’. They realize the way to make it easy for the cardholders. The 2d factor is that it completely secured. We have executed some of the researches on what stops humans from paying over the net. There are some of the factors but the first one is protected, they may be involved that if something occurs they will lose cash.