Visa Offers Payment Processing Services in Argentina

Wednesday, January 30, 2019

Press release by Visa

January 29, 2019

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BUENOS AIRES, Argentina--Visa Inc. (NYSE: V) today announced the launch of VisaNet processing in Argentina, a move that will bring new payment innovations and services to Argentine cardholders, merchants, and financial institutions. The launch grows Visa's share of domestic transaction processing in the Latin America and Caribbean region by more than 10 percentage points.

"This is an important milestone for Visa and for Argentina's electronic payments ecosystem," said Eduardo Coello, Regional President of Visa for Latin America and the Caribbean. "We are committed to working with our partners to accelerate the adoption of electronic payments. This includes expanding acceptance and launching new innovations that can bring more people into the formal and digital economy in Argentina."

In January, Visa began processing Argentina's domestic Visa payments on VisaNet-the company's secure, scalable and reliable global network capable of handling more than 65,000 transaction messages a second.1Previously, domestic payments were handled by Prisma, an independent company authorized by Visa to serve as an acquirer-processor for local businesses and to issue Visa cards through local financial institutions.

With the launch of VisaNet, Argentina's payments are now authorized, cleared, and settled by a best-in-class payments network, bringing new cyber capabilities, risk management, and value-added products and services, such as EMV® Chip, tokenization, and improved authentication. VisaNet processing will also enable cardholder access to new ways to pay, including digital wallets, real time peer-to-peer (P2P) and contactless payments