Visa Inc. announced it reached $93 billion in total payments volume for the period ended on September 30, 2012, compared to $89 billion reported last fiscal year during the same period in the Caribbean and Latin American region, resulting from the sustained growth of debit and credit products in the region, particularly in countries such as Argentina, Brazil, Chile, Colombia, Mexico and Peru.
“During the last quarter of FY12, we observed solid growth driven mainly by an increase in the volume of transactions made with Visa cards throughout our region, a direct result of the widespread use of electronic payments,” said Eduardo Eraña, president of Visa, Latin America and the Caribbean. “These results reflect Visa’s vision to develop products that can be tailored to the needs of the various demographic segments we serve.”
By the end of the fourth quarter, debit usage increased due to the addition of new card issuers of Visa Premium Debit cards, as this product offers clients more benefits and opportunities for use, the company said.
Additionally, the use of Visa payroll cards, which operate similarly to direct deposit, also increased.
In terms of credit, there has been a significant increase in the use and acceptance of products targeting affluent consumers — Visa Gold, Platinum, Infinite and Signature.
These products provide affluent cardholders with a range of travel assistance services such as travel insurance, airline ticket replacement, assistance with lost luggage and customer service 24 hours a day through the Visa Concierge program, Visa officials said.