Exclusive chat with Brian Weiner

Exclusive chat with Brian Weiner

Vice President and Head of Product for Visa Canada, Brian Weiner sat down with CanadianSME to talk about the ways that VISA is helping small business owners with innovative products and resources to help them overcome the most challenging parts of their jobs so they can be as successful as possible.

Brian Weiner is the Vice President and Head of Product for Visa Canada. His organization is responsible for the development and roll-out of Visa’s full Canadian product suite, including its traditional credit, debit, and prepaid products, as well as its expanding array of digital products and capabilities.

Since 2006, Brian has been an active member of Visa’s leadership team, responsible for shaping the organization’s strategy through one of the most dynamic periods in the history of the payments business in Canada.

Looking ahead, Brian and his team are focused on re-imagining the future of payments in collaboration with many partners across the payment ecosystem in Canada and around the world. Brian has won multiple awards for his work in evolving electronic payments in Canada, and he was recognized as a global winner of Visa’s Go Beyond program.

Brian has been in the Canadian financial services industry since 1997. He holds an MBA from the Schulich School of Business and a Bachelor of Commerce from Carleton University. Brian lives in Toronto with his wife Shelley and their two daughters.

Visa has recently announced it is working with Moneris on a rollout of Visa Installments. What was the motivation and inspiration behind this and what are you trying to accomplish through it?

Visa Canada is committed to driving the evolution of the payments ecosystem to meet consumer demands – and that demand is for more choice in how consumers pay. With the rollout of Visa Installments with Moneris, participating Moneris merchants will be able to present installment payment options to eligible Canadian credit cardholders on qualifying purchases.

Moneris is scheduled to begin offering Visa Installments to its customers in spring 2022, giving more Canadians the flexibility they want when it comes to purchasing.

The pandemic has certainly fueled a demand among Canadians for choice in how they purchase, and that demand is not going away. How is Visa stepping up to provide Canadians the flexibility in how they pay?

It is very true that the COVID-19 pandemic has driven a change in the spending habits of Canadian consumers and what they want from the payment experience.

The latest Visa global study found that a third of Canadian consumers (35%) say they would not have made recent purchases if BNPL was unavailable[1].

At Visa, we are constantly seeking solutions to meet the demands in an ever-changing payments landscape. This new offering with Moneris is the latest example of how Visa is doing this, by providing more Canadians with a flexible BNPL solution through Visa Installments.

What are the latest trends in the installment market? How has Visa been able to stay competitive within an evolving technology and digital landscape?

Installments are a rapidly growing segment of the payments market, with adoption further fueled by the COVID-19 pandemic. It currently represents over $1.7 trillion of global payment volume[2], and in Canada, the opportunity is expected to be about $50 billion annually[3].

Globally, installments have grown 2.5 times as fast as traditional credit cards and it is rising approximately 20% year-over-year. Canada has seen 30% growth in the last year alone[4].

Visa Canada is embracing installments because it measurably expands choice and convenience for buyers and sellers alike – and we understand that is what they want.

A recent Visa Canada study found that nearly the majority of Canadians (47%) recognize the importance of flexible payment options since the pandemic began[5].

Visa has also been supporting the global growth of fintech-led BNPL financing

Since 2017, Visa’s fintech solutions have enabled a number of leading BNPL fintechs to issue digital credentials or virtual cards, so consumers can seamlessly use installments at checkout.

How important is it for merchants to be able to offer this flexibility to their customers?

When BNPL options are available at the checkout, merchants also benefit from an increase in spending and may see more shoppers completing their purchases.

By extending Visa Installments through this offering with Moneris, we are helping Canadian merchants to adapt to a rapidly evolving payments landscape.

Looking ahead to a post-pandemic world, how important will it be for Visa to continue adapting its services and offerings to meet the ever-evolving needs of the consumer?

Post-pandemic, Canadian consumers think flexible payment options are more important than ever[6].

The pandemic has driven changes in the spending habits of Canadian consumers, particularly when it comes to how they pay, which seems certain to stay.

Visa Canada is committed to driving the evolution of the payment ecosystem, finding solutions, and anticipating and meeting changing consumer demands – this will continue to be the case beyond the pandemic.

What tips do you have for small business owners to help them get ahead of the competition?

Visa Canada has long been a supporter of the small business community, through initiatives such as its #MySmallBizReco campaign that encouraged Canadians to recommend their favorite small business, and the Visa Canada Small Business Hub which has resources and solutions to help enable small businesses to thrive.

Small Businesses are encouraged to visit Visa’s Small Business Hub. It’s a localized online resource center, providing tools, special offers, and information on how to start, run and grow digital-first small businesses.

[1] Visa & Growth from Knowledge Survey, September 2021 (Results from a 7-market global survey in Australia, Canada, Hong Kong,  Russia, U.S., U.K.)

[2] Euromonitor International 2020 Installment Sizing Report, commissioned by Visa

[3] Euromonitor Consulting Data Compilation for Visa Inc. $CDN

[4] Ipsos survey: Visa Credit Installments Research – September 2020

[5] Visa Canada Post-Pandemic Payments Shifts Survey by Pollara Strategic Insights

[6] Visa Canada Post-Pandemic Payments Shifts Survey by Pollara Strategic Insights

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