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Visa security investments a 'competitive imperative,' company tells US Congress

( November 19, 2024, 18:08 GMT | Official Statement) -- MLex Summary: Visa's significant investment in security technology is a "competitive imperative" as the company fights to retain trust from consumers and merchants in "one of the most dynamic industries in the world with robust competition from other increasingly digital payment methods," a senior advisor to the company's CEO said in written testimony submitted to US Senate Judiciary Committee. Visa has made "significant investments" to protect its network, advisor Bill Sheedy said, "including $3 billion in AI and data infrastructure in the last ten years."  Sheedy's testimony also outlined the company's opposition to proposed legislation aimed at greater competition in the market for credit card payment networks, calling the Credit Card Competition Act "potentially deeply harmful to the competitiveness and innovation that drive this country’s payments industry."See attached file....

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