Visa launches new disruptive payment solution in Latin America and the Caribbean
Miami, January 31, 2024 – The drive for constant innovations in the world of payments and money movement is significantly improving consumers’ lives, transforming convenience and simplicity in incredible ways. Today, we are seeing an innovative technology that is poised to revolutionize the way consumers pay in the online space.
Visa (NYSE: V), a world leader in digital payments, announced the launch of its new pilot solution in Latin America and the Caribbean, an unprecedented, innovative technology that allows consumers to pay for online purchases by just tapping their Visa debit, prepaid or credit cards on their own NFC enabled Android cell phones, making the payment process even more convenient, simple, fast, and secure. This new solution transforms consumers’ personal phones into their own contactless payment terminals, facilitating the experience in the e-commerce world, while ushering in a new era of payments.
Visa empowers the consumer with more choices, control, and simplicity, by using their own phones as point of sales systems, offering greater optionality when making online payments. “With this new payment technology, the future of e-commerce and digital transactions is reaching new heights in the region, changing the global paradigms on how consumers pay in the online space,” said Leonardo J. Collado, Head of Value Added Services for Visa Latin America and the Caribbean. “Innovation is at the core of what Visa is and does and we are proud of this new solution that provides businesses of all sizes with an innovative value-added service that will continue accelerating the adoption of more accessible, simpler and disruptive ways to pay and be paid.”
This solution takes payments acceptance to the next level by also allowing consumers to complete EMV® contactless transactions on their own personal NFC enabled mobile devices. Consumers just need to tap their own contactless cards into the merchant’s enabled app feature to complete their online purchase – removing potential friction when shopping online. The solution also offers an alternative to customers who do not want to store their credentials on a merchant’s website and allows consumers to feel more secure by tapping their card, whether from home or anywhere else.
The technology, developed in collaboration with Symbiotic and leveraging Visa Tap to Phone, is being rolled-out as a pilot in Brazil this week, in partnership with Ingresse, the leading technology and solutions company for events and entertainment in Latin America. Visa’s goal is to expand this technology across other merchants and markets in the region throughout the year.