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Visa welcomes the ingenuity of Latin Americans as part of its digital strategy

The multinational Visa, committed to revolutionizing payment systems, has incorporated the "entrepreneurial energy" of Latin American fintechs as part of its strategy to "connect and cooperate "to compete in the digital era dominated by mobile devices.

Miami, Nov 9 (EFE) .- The multinational Visa, committed to revolutionizing payment systems, has incorporated "the entrepreneurial energy" of Latin American fintechs as part of its "connect and cooperate" strategy to compete in the digital era dominated by mobile devices.

"What we do is connect with these companies, just as historically we have connected with the banks, and make payments easier in all these new electronic devices, "explained Jim McCarthy, Executive Vice President of Innovation and Visa Strategic Alliances.

This partnership with emerging companies or startups is key to Visa's digital strategy that has also led it to join technological giants to take advantage of the advances of the IoT or Internet of Things to its services.

"What we are doing is partnering with companies like Apple, Google, Facebook and Samsung to facilitate payments that Visa in those devices and that consumers have other secure ways of payment, "said the executive.

He noted that Visa has 3.400 million cards and if you can connect them With 20,000 million IoT devices, transactions will be easier to buy from a refrigerator or car, for example.

"Visa has historically been dedicated to cooperation, "McCarthy reiterated, noting that they work in conjunction with 17,000 financial institutions and connect 3 billion consumers with 40 million merchants.

" In Latin America there are many companies that are doing things in the market to meet the needs of consumers and help them connect with merchants in new ways, so that now we are associating with fintech, "he said.

In that sense, Allen Cueli, vice president of relations with Fintech of Visa Latin America and the Caribbean, said there are about 700 fintech in the region, two thirds of which were formed in the last two years.

"So there is a lot of momentum for them, the penetration of smart phones is exploding in the region, "Cueli told Efe.

Both executives were enthusiastic about the innovative ideas of these Latin American entrepreneurs who participated in the global Visa program Everywhere Initiative, which today rewards the winner of the region among ten finalists.

Among the participants, especially from Brazil, Argentina, Mexico, Colombia and Chile, there are platforms and mobile applications that range from facial recognition to those that advise saving or investing and even changing gifts for money.

Cueli highlighted the diversity of "business models", among which there are also initiatives that promote financial inclusion, alternative loans and small-scale solutions companies

said that the winning proposals, a total of 250 applications are fully aligned with the goal of Visa to use technological innovations and Fintech connect them with banks and businesses to promote payment solutions to consumers in line with the digital era.

McCarthy and Cueli attended the presentation of the projects in Miami today of the ten finalists that takes place as part of Finnosummit, the Latin American forum of startups or fintech that is being held in the city for the first time.

The program Everywhere Initiative, created by Visa in 2015 in the United States, takes place this year in North America, Europe, the Middle East, Africa, Asia and Latin America, where this year they participated about a dozen countries.

McCarthy reiterated that Visa, which had $ 130 billion in business transactions last year, is not interested in competing with large technological companies but to associate with them in varied platforms such as facial recognition, which is already a fact.

"We do not create the iPhone, we do not write the software, but we work in collaboration with Apple "in search of more secure payment mechanisms, he explained." Now I can make a payment by looking at my phone ".

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