Visa’s payments volume grew by 23.2% in the
Latin America and Caribbean (LAC) region last year reaching $270bn,
according to the network’s 2010 year-end results.
The results for the quarter ending 31 December
2010 show Visa’s payments volume in the region grew by 26.7% to
$82bn. The network processed 916m transactions – an increase of
226m when compared to the same period last year.
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Payments volume for 2010 grew 24.6% in Brazil
and 16.8% in Mexico, with other LAC countries grouped to show a
22.8% growth.
“This performance is the outcome of a sound
global strategy: to migrate cash transactions to our global
processing network,” stated Eduardo Eraña, president of Visa for
the LAC region.
“The Visa network is the foundation for the
payment services and solutions that differentiate our brand. It
allows Visa to provide clients, consumers, businesses and
governments with fast, trustworthy and secure transaction
processing while, at the same time, fuelling the LAC economy.”
Visa’s figures are further broken down in
terms of its credit and debit products. Payments volume on Visa
debit products grew by 28.2% in Brazil, 19.1% in Mexico and 29% in
the remaining LAC countries.
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By GlobalDataIncreased access to credit is said to have
boosted Visa’s credit payments volume in the region last year.
Figures show a growth of 22.6% in Brazil, 14.8% in Mexico and 20.4%
in all other LAC countries. The scheme claims its aggressive
strategy in promoting its credit products to the region’s affluent
consumers was the main driver of growth for the credit segment of
its business.
