The World Economic Forum Annual Meeting in Davos, Switzerland, had a different energy this year. In past years, discussions revolved around hypothetical scenarios — what could happen if artificial intelligence (AI), tokenization and digital identity innovations were deployed? This year, the focus shifted to their real-world impact on commerce and finance today.
AI is now deeply embedded in countless workflows and user experiences. Banks are tokenizing consumer deposits and moving real world assets onto blockchains. Rather than speculating on the future, conversations centered on real-life applications — how these innovations are actively shaping payment security, consumer trust and commerce experiences as they integrate across the payment ecosystem.
Thought leaders from governments, technology and finance were keen to understand the real-world impact of innovation on economic output, the role that global payment networks play in driving growth and the journey from financial access to economic empowerment. Economic growth was at the center of almost all these discussions.
Global networks power economic growth
According to an International Monetary Fund report released just before Davos, the global economy is now on track to expand by 3.3 percent in 2025, below the average of 3.7 percent between 2000 and 2019. Business and political leaders at Davos identified opportunities to maintain and accelerate growth by, among other things, promoting regulatory interoperability and reducing excessive financial fragmentation. In a January 2025 report, the World Economic Forum finds that policy fragmentation could cost the global economy up to $5.7 trillion, resulting in limited access and inclusion in the formal financial system for individuals and businesses across the world. This underscores the critical role that seamless global payments and money movement play in driving economic resilience and growth.
The impact of innovation on the global economy
Technology is also critical to enhancing and generating economic growth, which is consistent with recent research funded by Visa and authored by Charles River Associates that quantified the benefits to consumers and merchants created by two payment innovations: payment card tokenization and contactless payments. Tokenization replaces sensitive account information, such as a credit card number, with a unique identifier or token while contactless payments, such as Tap to Pay, can help to reduce the time it takes to check out. The overall benefits of tokenization for merchants and consumers are estimated to be $916 billion while contactless payments have generated $710 billion in incremental economic growth. Overall, cardholders can face fewer declined transactions, save time when checking out and encounter less fraud.
Economic empowerment is the new financial inclusion
Visa has been actively engaged with policymakers around the world on closing the digital divide, promoting financial health and shrinking the unregulated economy. At this year’s Annual Meeting, however, there was a clear sense of urgency to accelerate progress — not just toward ensuring universal access to digital payments but also driving routine usage to achieve full financial empowerment.
For example, small business owners in emerging markets may now have access to digital payment tools, but many still rely on cash transactions due to habit or limited digital education. Moving beyond access means equipping small businesses and consumers with the tools, trust and incentives to integrate secure digital payments into their daily operations, unlocking greater financial stability and growth.
According to the World Bank, the number of adults with access to a financial account increased from 51 percent in 2011 to 76 percent in 2021, largely driven by the growth in mobile banking. While this progress is commendable, we at Visa believe that access to a financial account is just the first step on a journey to full participation in the digital economy.
Financial education training and payment security remain crucial to empowering people and achieving meaningful economic growth. New fintech companies have helped increase access to financial tools for previously unbanked individuals and remote populations, but many consumers and entrepreneurs also require upskilling in these areas. For more than 30 years, Visa’s financial education programming — for individuals and small businesses — has helped millions of people around the world gain access to skills to help them thrive in the digital economy.
While digital technology brings myriad benefits to individuals and businesses, new payment channels also create new opportunities for cybercriminals to steal personal information or commit fraud. Visa helped to proactively block $40 billion of fraud across our network in 2023. Economic empowerment thrives when the public and private sectors join forces to enhance financial education and security, enabling global communities to view access as a first step in achieving lasting, transformational growth.
Growth, innovation and empowerment are deeply interconnected. With innovation as a key driver, economic growth plays a crucial role in connecting people to the benefits of the digital economy. However, regulatory fragmentation prevents the private sector’s ability to harness new technologies and develop transformative products. Building on the momentum from Davos 2025, Visa will continue to engage with governments and clients to further integrate new technologies and accelerate economic growth and empowerment.