Visa CEO Says Consumers Still Swiping Despite Recession Fears
Al Kelly on tap-to-pay and the biggest existential threat to the credit card industry.
Al Kelly was a longtime executive at American Express Co. and was president of the company when he left in 2010. He joined the board of Visa four years later and took the top job in 2016. Kelly was the head of information systems for the Reagan White House.
Despite worries about a recession, the CEO of Visa Inc. says that consumers aren’t slowing down their card swiping—or, increasingly, their tapping. He spoke with Carol Massar and Jason Kelly.
A couple of things are driving the increases in transactions. One is e-commerce. And we’re seeing more smaller-ticket items. A lot of that I think is driven by mass transit payments. We started in New York [with tap-to-pay] at stations from Grand Central to Brooklyn. By October 2020 the transit authority hopes to be in all 424 subway stops.