VISA mission and vision analysis
Most of the credit card holders around the world can easily recognize the VISA brand. VISA offers transaction processing services which includes manly authorization, clearance and settlement. Its clients include merchants and financial institutions globally whom it offers services through its VisaNet processing platform. In 2018, VISA processed 124.3 billion transactions of 182 billion cash transactions and payments conducted with VISA brand.
Visa’s vision - To be the best way to pay and be paid, for everyone, everywhere — guides our purpose.
VISA’s mission states its central focus which is to become the most trusted means of payment transaction. However, the vision statement still looks a bit generic. It states that VISA strives to achieve a leadership position. However, it lacks focus which is it does not fully explain where VISA is trying to reach and how it expects to be there. A vision statement is like a guiding star and provides a clear vision of the future. The current vision statement of VISA states nothing about its current market position and neither about its customer base of financial position.
Mission - To connect the world through the most innovative, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive.
A mission statement states what a brand stands for or its purpose of existence. However, it is also an integral part of a brand’s business strategy. A mission statement also guides critical work decisions and workflow on a daily basis. Visa’s mission statement explains what VISA does. It is among the most secure payment networks. The function of VISA is to enable individuals, businesses and economies to transact securely. Its business is global which becomes clear from the first part of the mission statement. The rest of the statement only notes what VISA does and who its customers are. However, its mission statement should also include information on its market position and competition.
VISA Annual Report 2018.