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International credit card company Visa International has entered Latin America's remittance business with the launch of its Visa Giro product, the company said in a statement.
According to Visa, the region's remittance business has grown at 10% a year over the last five years, with US$23bn directed to Latin America and the Caribbean.
Visa International Group and affiliated banks hope to increase their presence in the remittance market through Visa Giro.
The card enables Latin Americans living abroad to electronically transfer money to relatives back home. The sender can transfer funds through a participating agent or financial institution, which are then accredited to a Visa card in their country of origin.
The new card is already available in Mexico and the Dominican Republic, which account for almost 50% of remittances to Latin America and the Caribbean.