 The
American credit card company Visa recently announced that it is introducing
a new service that will provide hotels, government agencies, airlines
and other organizations within the U.S. tourism and travel industry, unique
insights into spending by international visitors to the U.S. Visa's VisaVue®
Travel will enable subscribers of this service to tailor their marketing
and promotional strategies and budgets based on up-to-date information
about international spending on Visa payment card transactions.
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The massive scale of Visa's network of cardholders, merchants
and financial institutions, as well as the sophistication of VisaNet,
the company's global processing network, combine to give VisaVue
Travel its unique value. Visa is the world's largest retail electronic
payments network or credit card company connecting more than 1.7
billion credit cards, 30 million acceptance locations, 1.4 million
ATMs and 16,400 financial institutions in more than 170 countries
around the world. The Visa system securely processes more than
55 billion Visa transactions annually, transferring trillions
of dollars and terabytes of business critical information.
North American President of Visa Inc's Bill Sheedy said "The
global economy is placing considerable pressure on travel and
tourism industry merchants. By converting Visa transaction data
into actionable information, we can provide timely insights to
businesses that rely on tourism revenues as we work to help them
grow their businesses." Sheedy went on to say "At
the heart of VisaVue® Travel is VisaNet, the company's centralized
processing system, which, besides facilitating commerce with speed,
accuracy and efficiency, enables us to harness the rich data that
flows through our network to offer information-based products
and services beyond payment. VisaVue® Travel illustrates the
role Visa plays in supporting the tourism industry - better enabling
them to meet the rapidly changing needs of the customers they
serve."
Visa's unique and comprehensive view of tourism commerce, can
yield valuable insights for enterprises and government authorities
focused on driving tourism sales and supporting the local, state
and national economies.
Credit
cardholder repots show comprehensive and distinct reports which
isolate leisure and business traveler spending. Data on the number
of Visa cardholders visiting a region or state, as well as total
sales and average purchase size.Analysis of tourist spending based
on country of origin. A detailed view of tourist spending across
thousands of merchant categories - from lodging and airlines to
restaurants and entertainment. In 2008, VisaVue® Travel data
was made available in a pilot program to select states and convention
visitors bureaus in the U.S.
AnnDee Johnson,
Director of Research & Strategic Planning, Arizona Office
of Tourism said, "As an example of the usefulness of the
VisaVue® Travel data, we are already using the information
to assist Arizona's international airport and country-specific
carriers with program planning input. VisaVue Travel is also
giving us far more insight into what travelers do when they
arrive, further helping to define components of promotional
packages."
In 2008, VisaVue® data provided a framework for snapshots
of tourist spending for Visa's U.S. International Tourism Outlook.
Key findings included:
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In 2008, U.S. Visa cardholders spending more than $42.4 billion
on their Visa payment cards in the top 225 destination countries,
while international visitors spent more than $52 billion on their
Visa payment cards in the U.S., representing growth over 2007
spending.The greatest share of Americans' spending while abroad
is in Canada, Mexico and the United Kingdom, with U.S. Visa cardholders
spending a combined $13.4 billion in those countries in 2008.General
retail continues to be the biggest expenditure for travelers,
representing 36 percent of Visa transactions by Americans in 2008,
totaling more than $15.8 billion.
VisaVue credit card news published in June 2009.
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