Dear stakeholders, Visa Ready program certification for token has been free for applicants since its inception in Visa Latin America and the Caribbean (LAC) region in order to create competition and a base of available providers. Visa Ready has had the specific purpose of certifying third party payment technology providers in order to help improve market payment infrastructure and implement new digital payment solutions and value-added services that Visa releases. Applicants for the Visa Token Service (VTS) certification, named token service providers (TSPs) go through a thorough process where security, infrastructure, and functional specifications are reviewed to make sure that the solution is complete with all functionalities supported, stable, and secure for handling sensitive information such as, Personal Identifiable Information (PII), and Personal Account Numbers (PANs).
It is time for Visa Ready VTS program to bring revenue. In order to achieve this a marketing plan is needed and a SWOT analysis is critical in order to assess and improve the program value to make it profitable. As the Director for Visa Ready TSP program, I have identified these elements for such evaluation:
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Strengths: · Concise program requirements for certification · Clear certification path · High demand for Visa Token Service product, as is a mandated product that needs to be implemented by issuers/banks · Different certifications provided
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Weaknesses: · Lack of human resources to support multiple certifications by different providers · Unclear technical API documentation · Outdated presentation content · Vague tracking/reporting platform to measure project statutes, projections and certification renewals · Lack of communication channel for certified providers to obtain released documentation
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Opportunities: · Optimize project tracking platform · Improve technical documentation with clear definitions and API examples · Create platform for partners to receive newly released documentation · Provide updated assets such as, presentations and implementation guides
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Threats: · Excessive fees might drive away providers · Weak partners – Providers with lack of technical personnel might create unsatisfactory results to issuer/bank go to market solutions and affect Visa Ready brand
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With this SWOT analysis as part of Market Research, along with an Executive Summary, Strategy, Execution and Analytics, an effective marketing plan can be created to clarify the target audience, give insights, provide direction and measure performance.