Visa Exchange Pay
Consumers have shifted their spending from traditional in-store purchases to a convenient online shopping experience through a greater variety of merchants.
The challenge proposed by Visa was, how might we help merchants accept online payments that are seamless and secure?
Final Video Deliverable
A presentation deck describing the solution
A video portraying the experience.
Instructors: Alexander Baumgardt
Duration: Five weeks
Key Skills: Behavioral change, branding, design research, digital prototyping, systems design, storytelling, and user experience design
Tools: Adobe Premiere, Keynote, Sketch
Project Role: Researcher, storyteller, speechwriter, and video producer
Why an app? - The popularity of cashless payments in China far exceeds that of the U.S. According to Forbes magazine, China's AliPay has 54% of the smartphone payment market, compared to 1.8% of the U.S.'s ApplePay.
Our team decided to focus the scope of our project on customers in China. There are over 466 million online shoppers in China today. This market exceeds the entire U.S. population by 145 million people. One-third of these shoppers are choosing to specifically buy from U.S. retailers. However, there are multiple barriers these consumers face, including delayed shipping and unaccepted payment methods. This presents an enormous opportunity for Visa as well as merchants with an online presence who accept Visa payments.
Our Target Market
Interviews and Personas
The challenge for us during the research process was the recruitment of people familiar with foreign transactions in China. We managed to talk to a small sample size of participants (totaling nine).
Many of our interviews took place remotely, however, we were still able to have our participants capture artifacts from their daily interactions with payment methods in their home country.
Some of the facts pertinent to our secondary research:
Visa charges 2% to merchants who accept it as a form of payment
Visa's market share by volume in the U.S. is 51%, with 328 million cards in circulation
61% of China's consumers would pay more for an American made product
90% of the people in China who have access to the internet do so on a mobile device
The initial user journey we envisioned for our video
Most of our collaboration and meetings took place at school where we created concept maps and diagrams around the credit card and banking system. This led to our team using Post It notes to model and prototype the components for our initial solution.
Expanding Our Knowledge
Having the design team from Visa visit us on multiple occasions was helpful and informative in guiding our understanding of the credit card payment system. Banks for the customers are called, "issuers," while banks for the merchants are "acquirers." When both issuers and acquirers are of the same bank, Visa does not receive a share of the transaction fee. Since these banks are the ones issuing Visa credit cards, they are also trying to figure out ways to get their own customers to use inter-bank transactions so that they do not have to pay Visa.
Our research led us to discover China's demand for foreign goods. We saw an opportunity that would be beneficial to an expanding consumer market, Visa, and the target audience of this project, the merchant. The sheer volume of transactions that could be taking place on Visa's platform would greatly increase the merchant's revenue growth.