Visa recognised on the AFR’s Most Innovative Companies list
Visa recognised for its Geospatial Analytics Capability which measures the economic value of Australian and New Zealand tourism in the wake of Covid-19
Visa, a world leader in digital payments, has been recognised on the 2022 AFR BOSS Most Innovative Companies list, ranking first in the banking, superannuation and financial services category. The prestigious list is published annually and ranks companies based on the uniqueness of their innovation, how well it solves a problem and its impact on the business.
Visa won the award for its Geospatial Analytics Capability, an algorithm developed and patented by its Visa Consulting and Analytics team in Australia which uses artificial intelligence (AI) and de-identified VisaNet data to provide insights to local councils and regional tourism bodies. This information enables them to target investment decisions to reignite tourism and increase visitors to the regions in the wake of the pandemic.
“Innovation fuels the Visa brand. This accolade is a testament to our continued investment in innovation and our people and culture that support it,” says Julian Potter, Group Country Manager for Visa in Australia, New Zealand and South Pacific.
“As one of the world’s largest payments companies, our unique access to a rich and secure data set has enabled us to patent an algorithm that looks at aggregated spend and determines where visitors prefer to spend and more accurately differentiate whether spending is by local residents, domestic or international tourists. This is a game changer for businesses and supports our purpose of uplifting everyone, everywhere,” says Potter.
Visa’s Geospatial Analytics Capability is being used by travel and tourism bodies to determine key investment corridors and opportunities for further tourism infrastructure development, offering up the potential to change the lives of more than 2.4 million small- to medium-sized business owners that benefit from tourist spend across Australia and New Zealand.
“Destination marketers and local councils can now make informed decisions that will attract tourists, while helping local business communities sustain growth and improve resilience amidst economic cycle shifts in a more timely, targeted and insightful way,” added Potter.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.