Visa manages to hold onto the #1 Financial Services spot in 2023. With a value of $169 billion in 2023, Visa has kept the top spot in the Financial Services category and now sits at rank 6 in the Global ranking, up from 7th in 2022. This has been enabled by strong Meaning and Salience for Visa.
Visa’s brand equity has been eroded by new players in Europe and emerging economies. PayPal is most established, with newer players like Blik, Swish, Paypay and Interac competing strongly. Germany stands out as a market Visa needs to pay attention to.
Habit is the critical advantage of Visa globally
Visa is perceived as a highly trusted brand, that always works well, and which fits easily into consumer’s everyday lives and shopping habits. But its advantage on Superiority has been declining with the growth of newer fintech companies. Visa may need to consider how it can tackle this in future.
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