Consumers in Latin America and the Caribbean are choosing contactless payments for its clear benefits: they avoid touching surfaces, they are fast, convenient and secure
MIAMI, August 03, 2021– (BUSINESS WIRE) – Today Visa announced a new milestone for its digital solutions in Latin America and the Caribbean: since June 2021 the company has reached 25% adoption of contactless technology in the region, which means that one in four face-to-face transactions is already made with contactless payment technology. There are also five countries that exceed the 50% adoption threshold: Chile, Costa Rica, Panama, Guatemala, and Bermuda. Markets such as Peru and Colombia follow with more than 40% penetration of contactless technology. The preference of consumers is clearly due to the fact that contactless payments facilitate a fast, convenient and secure experience, without the need for consumers to touch the payment terminal.
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“We embarked on this transformation process towards contactless payments a few years ago in 2018, because we truly believed that the migration to contactless payments and its underlying technology had the power to be a catalyst for the next generation of payments in our business. region, “said Ricardo Tafur, Vice President of Consumer Products for Visa Latin America and the Caribbean. “The pandemic certainly triggered an acceleration of our efforts, which were already underway, and from June 2019 to June 2021 we went from 4% to 25% penetration of contactless payments in total payments made in person in our region. All of us at Visa are proud of this achievement. “
Across the Latin America and Caribbean region, both consumers and businesses have embraced contactless payments for their speed and convenience. But convenience is not the only factor leading to their adoption: contactless cards are also secure and provide strong protection against fraud. Using the same secure technology as the EMV® Chip, contactless cards are highly effective in preventing counterfeiting fraud by using a one-time code that prevents compromised data from being used again to commit fraud. In fact, among the various types of payment, contactless cards have some of the lowest fraud rates, significantly lower than the rate of magnetic stripe cards and comparable to the rate of conventional chip cards.
As the world underwent an unprecedented shift towards digital commerce in the last year, tokenization is emerging as one of the most effective ways to prevent fraud and enable safer and easier digital payment experiences. This invisible technology replaces sensitive card account data with a digital identifier, or “token,” as tokens offer more protection against scammers. So whether a consumer pays with a contactless card, digital wallet, or wearable, Visa’s layers of security protect the underlying transaction at all times.
Visa will continue to work with its partners in Latin America and the Caribbean – banks, businesses, governments and Fintech companies – to build on this momentum and continue to promote the adoption of contactless payments in the region, especially in new and niche sectors such as mobility. urban, for example. As a company, we are committed to the core mission of connecting the world to help people, businesses and economies prosper.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leading digital payments company. Our mission is to connect the world with the most innovative, reliable and secure payment network, to help individuals, businesses and economies prosper. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of processing more than 65,000 transaction messages per second. The company’s continued focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa applies its brand, its products, its people, its network and its scale to the task of shaping the new future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
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