Visa, the largest international payment system by market share, is one the most recognizable brands globally. So much so that it is very unlikely for a person to not have held or own a Visa card in their lifetime, whether for debit, credit or gift (prepaid) card. As distinguishable as Visa brand is, it’s overall health assessment can only be measured by a brand audit, analyzing the different components that makes up the brand equity:
· Brand Awareness: Although not a very direct relationship with cardholders’ evaluations when choosing a credit or debit card, since decision to open an account is more based on the benefits provided by the issuer for that specific product (rewards, such as cash back percentage, travel and rental insurance, zero-liability for fraudulent purchases), Visa brand awareness is still high as it could be one of the factors for a cardholder to apply for a specific issuer card that carry the Visa brand.
· Brand Image: Visa is a brand known for reliability and assurance for merchants and issuers, guaranteeing the processing and clearance of money into different accounts. Also, Visa brand is known for supporting inclusion, helping small business, supporting minorities and helping the community.
· Brand Association: Visa is associated with the sentence “It’s everywhere you want to be” as it can be used to pay at the most merchants worldwide as Visa holds the largest network of supported vendors. This is a very strong and positive image in cardholders’ minds meaning that having a Visa brand card offers a sense of acceptability and stress-free when making a purchase when traveling abroad or nationally.
· Brand Identity: Visa logo has always incorporated the colors yellow and blue until its latest logo change in 2014, where it dropped the yellow color and going completely with blue. The blue color represents a professional and logical brand with a sense of security, trust, loyalty, power and authority. This fits well as Visa secures sensitive information during payment transactions and is first into innovation in the payment industry, positioning it as a power brand in its industry.
Although Visa has had some issues along its entire history since founded, its brand overall health assessment today is a very positive one in the eyes of cardholders, merchants, and issuers. Visa brand clearly communicates what Visa represents in the industry with its colors and associations of leading by example, acceptance everywhere, inclusion, helping communities, and small businesses and preserving the planet.