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Between January 2021 and March 2022, Visa has closed a total over 18,000 jobs—with a further over 4K advertised positions currently open—according to GlobalData. Analysis of the leading data and analytics company’s Jobs Analytics database reveals that this hiring push centres around two major themes: expanding the core business model by leveraging push payments and investing heavily in data and technology.
Samuel Murrant, Banking Analyst at GlobalData, comments: “These themes show that Visa is looking to expand its reach into emerging areas of the payments market in order to retain its preeminent position as a payments company in the rapidly-changing market.”
Sherla Sriprada, Business Fundamentals analyst at GlobalData, comments: “Visa is strengthening its partnerships with banks, fintech companies, crypto wallets, and exchanges. In March 2022, Visa collaborated with Payfare to help faster access for their U.S. customers through Visa Direct. Hires such as ‘Head of Corporate Development and Ventures, Asia-Pacific’ and a ‘Crypto Compliance Officer’ also point to its aim to expand its business overall and to reach into all emerging areas of payments.”
GlobalData highlights that Visa looks to be placing emphasis on North America, which saw over 12,000 posted jobs; APAC, with over 5,000, and Europe with over 3,500. Focus countries for the company included the US, India, the UK, Singapore, Germany, and the Philippines.
Murrant continues: “India is a particularly interesting market, with respect to the emerging instant payment market, which is a potential long-term threat to Visa’s card-based business model. In 2021, 72.4% of electronic payment transactions in India went through the local instant payment systems, bypassing Visa’s network in the process.”
Sriprada continues: “Within the APAC region, Visa is hiring for Japan’s urban mobility strategy and is also focusing on commercialization and scaling of the Visa direct solution in Singapore. Meanwhile, in North America, Visa is hiring senior staff to support technology initiatives. The firm is also leveraging its recent acquisition of Tink, hiring personnel to expand this open banking company, which provides technology used by companies such as Paypal, Kivra, American Express and Avanza.
“Visa’s APAC region is looking to hire engineers, data scientists, analysts and directors for its data labs in Bengaluru, India. All of this points to a renewed emphasis on technology, and positioning Visa as a trusted partner for all companies in the payments value chain.
“Visa is also hiring senior staff in India and Europe to support its data and insight capabilities. With its suite of products, Visa will be able to sell itself as an end-to-end payments hub for any bank or fintech, and hopefully maintain its central position in the payments industry.”