Miami, September 21, 2017 – Visa Inc. (NYSE:V) today announced that it reached a milestone of 375 million chip cards circulating in Latin America and the Caribbean, with 83% of the 454 million existing cards in the region now using Visa chip technology covering more than 90% of the face to face payment volume. This represents a broad effort to enhance the security of the entire payments ecosystem in the region and demonstrates the widespread acceptance of the chip card as the ideal security solution for fraud prevention.
“Progress on the transition to chip cards has been tremendous. The future of payments is about greater security and we are diligently working with our partner banks and retailers in the region to bring more secure options to consumers,” said Fernando Mendez, Head of Digital Transformation Latin America and Caribbean at Visa. “With steady growth in chip cards, we are well on our way to the next level of payment security for consumers, businesses and financial institutions,” he concluded.
Cards with chip protect against counterfeit fraud. Visa is constantly working on the optimization of products and servicesin order to improve the experience of cardholders and increase the security of electronic payments.
In addition, chip technology is the pioneering step towards a wave of innovative security solutions in this hyper-connected digital era, where the use of new payment devices is growing at an accelerated pace. The chip has evolved to support contactless transactions enabling new solutions like Apple Pay, Samsung Pay, Android Pay or Google Pay or simply in the implementation of contactless cards that are already becoming an increasing trend in the region. Our goal is to make our consumers’ transactions fast, simple, secure and frictionless, regardless of the way they choose to pay, their location or preferred device.
Chip cards generate a unique one-time code every time they are used in-store at a chip-activated terminal, providing an additional layer of security. This feature is virtually impossible to duplicate in counterfeit cards, helping to reduce in-store fraud. Visa supports the adoption of this technology to bring stronger security and convenience for both merchants and consumers.
At Visa, security is the foundation for innovation. The global payments technology company is committed to remaining one of the safest and most trusted ways to pay and be paid. When consumers utilize chip cards, they are further protected from counterfeit fraud and have an extra layer of security. The progress achieved in reaching this milestone demonstrates the magnitude of the work that has been done to bring even greater security to payments in Latin America and the Caribbean.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.