Visa reported a total payments volume in Latin America and the Caribbean of US$ 313 billion, representing a year to date 26.2% growth during the 12 months closing on June 30, 2011. Quarterly results2 confirm this trend with US$ 86 billion in total payments volume, for a 28.7% growth.
“A cornerstone of Visa’s strategy to extend its leadership in its core credit and debit products is driving greater usage at the point of sale, particularly in key emerging markets such as Latin America and the Caribbean, where the migration process from cash to electronic payments is still at an early stage,” said Eduardo Eraña, President of Visa Latin America and Caribbean. “At the same time, we are advancing an aggressive innovation agenda to drive the migration to Visa products, while delivering new products and services that add value in areas such as mobile, digital money transfer and person-to-person payments,” added Mr. Eraña.
This approach is achieving results with credit and debit payments in Latin America and the Caribbean growing at 23.9% and 29.3% respectively, in the 12 months closing on June 30, 2011.
Recent company announcements in Latin America and the Caribbean include the launch of a Debit Conversion Platform; the activation of Visa sponsorship rights for both, the FIFA U-17 World Cup Mexico and the FIFA U-20 World Cup Colombia; the acquisition of South Africa based mobile payments company Fundamo, specialized in mobile payments in emerging markets; and the publication of studies on the spending habits of tourists in and from Brazil and Mexico.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks”VisaNet”that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.