Nov 07, 2009 (Close-Up Media via COMTEX News Network) -- Visa Inc. reported the total volume on all Visa-branded products in Latin America and the Caribbean Region (LAC) grew 19 percent over the previous year to $581 billion for the year ending on June 30.
The company further noted that the number of payment transactions for the same period surpassed the 5 billion mark, reflecting a constant trend in the migration from cash to electronic payments for day- to-day transactions.
"Visa LAC continued to record solid regional performance this period, driven by an impressive usage of our payment solutions at the point of sale," said Eduardo Erana, president of Visa Latin America and the Caribbean region. "Visa is leading a regional shift from cash to electronic payments through product development, reliability and efficiency."
For the quarter ending on June 30, Visa LAC reported a 15 percent growth in total volume versus the same quarter last year, for a total of US$150 billion. Recent Visa announcements in the region include the introduction of Near Field Communications (NFC) payment technology in Brazil, and the launch of Financial Football in Brazil and Mexico, a corporate social responsibility program that leverages the use of video games for educational purposes.
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