Visa and Mastercard Expand Payment Solutions in Latin America

Through significant growth in Uruguay and Colombia, Visa and Mastercard are pushing the envelope of payment technology in Latin America. Through these programs, the region's financial inclusion and payment experiences are to be increased.

Growing Visa Direct in Colombia

With the help of its collaboration with Canadian finance startup Nuvei, Visa is making great progress in Colombia. Since Visa Direct was introduced in Colombia, retailers may now use card credentials to provide quick payments straight to their customers' bank accounts. Payments in a variety of businesses will be secure and simple thanks to this service's promised almost real-time transaction processing.

Visa Direct now enables Nuvei businesses in Colombia to provide bill payments, cross-border transfers, and person-to-person (P2P) payments. Being the first international payments provider to provide direct local acquisition in Colombia, Nuvei is now positioned as a leader in the payments industry, in addition to streamlining payment procedures.

Without the need for additional middlemen, retailers can incorporate Visa Direct thanks to Nuvei's modular payments technology platform. For Colombian enterprises, this integration gives them instant access to more than 30 nations in Europe, North America, and portions of Asia.

Uruguayan Mastercard Biometric Checkout

Mastercard, meanwhile, is debuting its ground-breaking Biometric Checkout Program in Uruguay, which enables customers to pay with only their palms. Piloting of this novel payment mechanism is being done in collaboration with Scanntech, Fujitsu Frontech, Fulcrum Biometrics, and Ingenico.

A big step forward in payment technology, the Biometric Checkout Program provides quicker transactions and shorter lineups at the register. Consumers may register their payment credentials and biometric information on-site. They only have to wave their palm over a sensor at the payment terminal to finish a transaction after they are enrolled.

Together with improving payment speed and ease, this program also offers a customized and efficient purchasing experience by integrating with reward programs. With its ability to do away with wallets and other devices, the technology created by Ingenico and Fulcrum Biometrics raises the bar for in-store payments.

More General Effects

The growths of Visa and Mastercard both highlight a larger tendency in Latin America toward creative payment options. With these developments, financial inclusion is expected to increase and both consumers and companies will have safe, effective, and easily available payment alternatives. The area is about to see a payment revolution as Visa Direct makes rapid payments possible in Colombia and Mastercard's Biometric Checkout revolutionizes the shopping experience in Uruguay.

By means of these programs, Visa and Mastercard are not only improving the payment infrastructure in Latin America but also opening the door for the next developments in the international payment system.

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