Every September in Toronto, we welcome the excitement and glamour of the Toronto International Film Festival. As long-time sponsors, Visa is proud to be a part of the festival and we always look forward to engaging and entertaining visitors at our activation space outside Roy Thomson Hall.
This year, we’re showcasing the future of commerce, from the fashion-forward Visa payment ring to movie-themed virtual dressing rooms. With the increase of new payment devices (Cisco estimates that by 2020 there will be 50 billion Internet-connected devices globally) comes the expectation that shoppers can pay on any form factor, from cars, watches, rings and more. Visa has anticipated these changes and has continued to work with partners to ensure that payments remain as reliable, safe and beneficial for everyone in the digital world as they have been in the physical world. Here’s a preview of what’s to come.
The Connected Screen
At this year’s TIFF, we teamed up with Ingenico Group for the Connected Screen’s North American debut. The six foot screen can seamlessly and securely accept contactless card and mobile payments, regardless of form factor. It’s as easy as waving your payWave card or mobile phone at the screen—and the payment is made in milliseconds.
TIFF attendees can experience it first-hand by stopping by Visa’s presentation space. Using their Visa payWave card or payWave-enabled mobile phone, festival goers can make a small donation to the TIFF Pocket Fund, an educational program for young people interested in film. Visa is particularly proud to support the TIFF Pocket Fund as we continue to innovate ways to simplify charitable giving for donors. The Connected Screen presents an interesting option for charities that have previously relied on coin and cash donations and are now looking to harness the power of digital dollars.
We’re also demoing the Visa payment ring, a wearable payment device that was piloted by Team Visa athletes in Rio. While it’s not available to the general public yet, it’s a sneak peek into the near future of payment wearables.
Taking the friction out of omni-commerce
Canada is well-positioned to embrace the move to mCommerce and has continually had one of the greatest adoption rates of smartphones in the world, with 77 percent of people keeping their phones with them at all times. At the same time, today in Canada, approximately 21 Visa payWave transactions happen every second, so we know Canadians are becoming comfortable with waving to pay. While our relationships with our mobile devices continue to deepen, we recognize that the future of digital commerce is really less about mobile and more about the mobility of the Internet.
Whatever device consumers use to purchase online, making the checkout process seamless is an ongoing challenge for merchants, and shopping cart abandonment remains high. Visa’s Digital Commerce Index found that 42 percent of smartphone users abandon online-based mobile transactions because entering billing and shipping information is too unwieldy.
As part of the future of commerce, and to demonstrate how merchants might alleviate shopping cart abandonment in the future, we are showcasing virtual shopping at TIFF this year. In celebration of film, Visa’s Virtual Wardrobe Studio is an augmented reality space where visitors can virtually try on costumes from a variety of movie genres picture a full gladiator regalia or a Marie Antoinette gown and wig. Aside from the very cool concept of virtually trying on clothing, shoppers can then navigate their way through a purchase experience using hand gestures to select items and purchase easily using Visa Checkout.
Visa is focused on being the best way to pay and be paid, everywhere. We know that commerce is changing and as new technology continues to evolve and adoption happens at a frenetic pace, Visa continues to work with partners all over the world to find new and innovative ways to pay and be paid securely, anytime and on any device—all backed by the strength of our network. These are exciting times for payments and TIFF is an exciting place to show what’s coming to a theatre (grocery store, gas station…) near you.