4,944 $m
Aiming to bring the digital currency marketplace to new heights, Visa is working to help users around the world leave the inconvenience of checks and the risks of cash behind. Through its “Currency of Progress” mission, Visa is looking to make digital currency the new norm. The brand continues to develop technologies for its online and mobile platforms, most recently showcased at the 2012 Olympic Games in London, where the brand was a main sponsor. Unfortunately, the sponsorship was blemished when credit card systems failed during peak events. Due to Visa’s agreement with the International Olympic Committee, there was no fallback to another card provider or merchant system, which meant fans were unable to make purchases — and had only Visa to blame. The brand faced another challenge this year when one of its service providers experienced a security breach that put over a million consumers at risk for identify theft. Visa turned the incident into proof of its commitment to customers, immediately removing the provider from its list of approved vendors. Despite these mishaps, Visa’s heavy media campaign during the Olympics and other major sporting events have helped the brand maintain a positive presence in the minds of consumers. Looking forward, Visa may have difficulties if it continues to neglect a clear and appropriate articulation of its brand promise and benefit to consumers.