MIAMI – (August 19, 2021) – Visa Inc. (NYSE:V) and Veritran announced today a new collaboration to enable banks in Latin America and the Caribbean to quickly and easily scale the adoption of Visa Direct, Visa’s real time push payments platform, and Click to Pay, Visa’s easy, smart and secure online checkout solution. Through just a few simple steps, banks will be able to start offering secure digital payment solutions backed by Visa thanks to Veritran's Enterprise Low-Code platform. This collaboration opens the door to rapid scalability for e-commerce and other digital payments solutions in the region.
“Visa knows that digital innovation is about collaborating with nimble partners that can make things happen quickly,” said Arnoldo Reyes, Vice President of Digital Partnerships, Fintech & Ventures for Visa Latin America and the Caribbean. “Latin American and Caribbean banks and digital-native players want to offer the most secure digital solutions to consumers and merchants alike. Our partnership with Veritran means we can seamlessly accelerate and simplify that process, removing the friction and costs of development, allowing our clients to focus on their customers.”
Known for its Enterprise Low-Code Platform, Veritran integrates new technologies into legacy systems, improving deployment times and delivery costs for banks to create digital solutions. Veritran’s platform will connect with Visa’s tokenization technology, Visa Direct and Click to Pay, so Visa clients can simply “plug in” and offer the same level of security and convenience to their customers, reducing the costs and time involved in developing their own solutions.
“Digital commerce continues to grow in importance globally, and that is the reason why we are thrilled to work alongside Visa to facilitate industry-leading and innovative tokenization solutions to banks across Latin America and the Caribbean,” said Omar Arab, Head of Global Strategic Alliances at Veritran. “This partnership will accelerate the adoption of critical emerging technologies that will enhance security, convenience and the overall user experience for consumers and merchants as they increasingly rely on mobile payments in a newly digital-first world.”
Tokenization & Click to Pay secure growing demand for digital commerce
As a leader in the digital payments space, Visa is committed to accelerating the adoption of tokenization solutions in Latin America and the Caribbean as they can empower banks, merchants and the wider payments ecosystem to boost authorization, reduce fraud, drive innovation and create better and more secure digital commerce experiences.
Particularly as Latin America and the Caribbean shifts toward digital commerce, tokenization has proven to be one of the most effective ways to reduce fraud and optimize security. Tokenization technology replaces 16-digit Visa account numbers with a token that only Visa can unlock, protecting the underlying account information from fraudsters. Tokenization helps combat fraud for both card-not-present digital transactions and card present physical transactions through tap and pay and QR.
According to a recent Visa study, consumer trends continue toward a preference for shopping online and use of digital wallets, with 8 out of 10 consumers having shopped online in the last few weeks for a variety of things, while digital wallets are becoming more mainstream, both to buy in the physical and online worlds. Twenty percent of consumers reported using wallets at the point of sale, with Brazil and Argentina seeing the greatest spikes in use, and 26% of consumers said they used digital wallets to shop online
. More than 60% of Visa’s payment credentials are token ready in Latin America and the Caribbean.
In support of these consumer trends, Visa continues its efforts to make online and mobile shopping easier with the rollout of Click to Pay in LAC. Based on the EMV® Secure Remote Commerce industry standard, Click to Pay aims to make online checkout simple and secure for consumers across web and mobile sites, mobile apps and connected devices by replacing time-consuming key entry of personal account numbers and information at checkout. The advanced digital checkout solution mirrors the consistent, interoperable checkout experience in physical stores – with one terminal to accept all card payments. Click to Pay allows consumers to pay online with their Visa cards whenever they see the Click to Pay button and Visa is accepted.
“We will continue to apply and actively look for opportunities to scale our top-of-line security and fraud-fighting features to digital payment technology across our Latin American and Caribbean markets. Our partnership with Veritran makes it easy for financial institutions and other client segments to offer the best-in-class payment technology and security consumers expect from Visa, no matter which way they choose to buy and pay,” said Reyes.