MIAMI – (February 21, 2023) – The suite of Visa acceptance solutions allows thousands of businesses of any size in Latin America and the Caribbean to establish an online footprint, whether it’s in a single or a dozen markets. With Cybersource, one of the multiple Visa solutions, 1.4 billion processed transactions in Latin America have been secured in fiscal year 2022, making shopping online safer for consumers and businesses in the region. Cybersource focuses on accelerating secure online business by bringing together acquirers and micro, small, medium, and large merchants from all over the region to accept digital payments in the e-commerce space.
Since opening for business in Latin America and the Caribbean 10 years ago, Cybersource has connected to hundreds of acquirers across 44 markets in Latin America. “Looking back at the last 10 years, it’s been an incredible journey working together with our acquiring and merchant partners to build the e-commerce ecosystem that exists today in our region. Our acceptance solutions are connected to VisaNet, allowing us to provide clients with a true omnichannel payment strategy that taps into AI and machine learning to optimize their payment approvals,” said Head of Merchant and Acquirers Solutions for Latin America and the Caribbean, Juan Jose Fernandez. “As proud as we are of our trajectory, this is just the beginning. With the rapid acceleration of digital payments, we have seen over the last years, it’s time to catalyze the infrastructure we have built and continue to help businesses of all sizes accept payments online, while effectively managing fraud detection.”
Visa and Cybersource’s agnostic solutions have been critical to the success of the company’s journey in the region, providing payment processing services both online and in-store by connecting sellers to their choice of acquirer processors securely across all payment channels. These acceptance solutions allow businesses to scale faster, safer and with confidence through a single integration to markets all over the region. Together with the expansive processing reach of the platform and flexible network of finance and tech partners, Visa can help businesses sell, buy, pay, and be paid.
Highlighting Client Success Stories
Sympla, the largest experience marketplace in Brazil, identified that a significant portion of the company's revenue was compromised by fraud attempts to credit card transactions, especially in peak times of high sales for their website. The Sympla team began using Cybersource’s fraud management tool, Decision Manager, and immediately saw results in fraud reduction. Within three months, they saw a 75% reduction in the rate of frauds received, compared to the previous anti-fraud system they were using.
Cinépolis México, who owns and operates one of the largest cinema chain companies in the country, has turned to Visa for support to mitigate fraud especially during peak seasons. For Cinepolis, carded transactions represent close to 60% of all payments made to the company, and more than 45% of the tickets are sold online through the App or website, according to Cinepolis data provided. Given the nature of the industry, they are subject to seasonality when the transactions increase considerably, which in turn triggers more fraud attempts. By using the Fraud Management Tool: Decision Manager, Cinépolis can control the fraud without affecting the consumer experience, maintaining approval rates of more than 90% in web and app channels for CNP, according to Visa data. Our joined efforts, support the client’s overall business strategy to offer a more digital experience for their customers, which consists not only of tickets sales through digital channels, but also the opportunity to order food and drinks prior to arriving to the theater.
The future of payment acceptance has shifted significantly since the arrival of mobile phones; before traditional point of sale systems depended on big hardware and intricate connections to operate. Now, with solutions like Visa Tap to Phone – any smartphone that is NFC-enabled can turn into a point of sale that accepts contactless payments. This technology has the potential to transform small and medium businesses, which are the backbone of the economies of the markets in the LAC region. Visa’s acceptance solutions are now being included as part of the Tap to Phone solution and has launched in Bolivia with Libelula. Where now all Tap to Phone transactions done via the Libelula app in Bolivia count on the Cybersource technology for authentication.
“ContactoPOS, the first Visa Tap-to-Phone application in the country, is now available to Bolivian consumers, where they can now make their payments quickly and safely in neighborhood stores, hardware stores, popular markets, radio taxis and at endless small businesses in all corners of the country,” shared Jorge Mealla Founder and CEO of Libelula. “This is a great milestone to truly boost financial inclusion in Bolivia where the conditions are already in place: cell phone penetration, adequate standards, and massive issuance of contactless credentials. We have been able to launch this digital payment innovation developed by Visa in less than 6 months thanks to their seamless integration, and we are already seeing very good results,” concluded Mealla.