Visa sets out a 2030 vision to drive further economic growth in Papua New Guinea
03/27/2025
Visa, a world leader in digital payments, has unveiled an ambitious 2030 vision to drive further economic growth in Papua New Guinea (PNG).
Revealed by Anthony Watson, Visa’s Country Manager for New Zealand and the Pacific Islands, at the Innovation PNG Conference in Port Moresby, the vision complements the PNG Government’s goal to connect 70% of the population to the internet by 20301.
With a high proportion of micro sellers, rapidly growing mobile adoption, and young workforce, “PNG is at the moment where digital technology could help leap ahead towards their economic goals,” said Watson.
“As new technology connects with payments, and access to reliable infrastructure continues to grow, Visa believes that PNG is well placed to take advantage of innovation happening around the world.”
PNG has strong mining, agricultural, forestry and fishing sectors which rely on foreign trade. Visa supports economic growth in each of these sectors by offering secure digital payment solutions that are reliable and fast to move funds between consumers, businesses and government agencies.
Visa plans to introduce new, low-cost and mobile-based services which will help sellers get paid quickly and safely, secure eCommerce services, and enable international money movement for foreign trade services.
To support this vision, strong fraud protection will be critical. Globally, Visa has invested over $10 billion over the last five years into technology and innovation to reduce fraud and increase network security2. This advanced technology, including AI-driven fraud prevention tools, will be critical in protecting PNG consumers against sophisticated threats.
Watson highlighted several key trends that are shaping the future of payments around the world, including how payments innovation is rapidly transforming and creating new opportunities for innovation, the increasing importance of digital identity, and the growing generations as digital commerce evolves.
Research shows that younger generations is driving virtually all spending growth, with a current estimated spending power of $4.4 trillion globally3, and this generation is expected to make up 25% of PNG’s population in 2030 , so payment options that meet their expectations are essential.
“Younger generations want diverse and inclusive digital payment options that help to make their lives easier and less complicated. Access to funds in real time with transparency on fees is important along with the security that their funds are safely held with trusted institutions. Lastly, they want to be rewarded for loyalty. They are looking for programs that offer benefits and experiences that suitable for their lifestyles,” Watson added.
Anthony concluded: “Collaboration and innovation are extremely important in navigating this rapidly changing payment landscape, and Visa is committed to supporting PNG through our clients and partners to drive economic growth.”
1 International Trade Administration: Papua New Guinea – New Economy 2024: https://www.trade.gov/country-commercial-guides/papua-new-guinea-digital-economy
2 Visa’s Growing Services Business Infused with New AI-Powered Products (2024): https://investor.visa.com/news/news-details/2024/Visas-Growing-Services-Business-Infused-with-New-AI-Powered-Products/default.aspx
3 Euromonitor: Future of Consumption Unlocking Gen Z Behaviour for Crafting Powerful Strategies Future of Consumption: Unlocking Gen Z Behaviour for Crafting Powerful Strategies | Market Research Report | Euromonitor
4 Economic and Social Commission for Asia and the Pacific, Papua New Guinea (2023): https://www.population-trends-asiapacific.org/data/PNG
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.