Driving innovation in payment methods for companies in Latin America and the Caribbean

[msttasnuvanava]

Agriculture, international trade and the evolution of SMEs

Latin America and the Caribbean (LAC) is undergoing a process of digital transformation that is revolutionizing the way companies of all sizes move their money. The digital transformation in payments, ranging from technology to infrastructure, offers countries in the region a real opportunity to forge new economic models and improve the livelihood of companies and communities.

Industries across the LAC region are realizing the benefits of payments innovation, and as a result, we are seeing an increase in demand for innovative digital solutions that can make businesses more agile, efficient, competitive and relevant in the commerce ecosystem of the future.

Agriculture, an industry that contributes significantly to the GDP of countri how to get telegram profile link in the region, is at the heart of this digital revolution. While many small rural farmers in LAC remain unbanked, with a reliance on cash that can impede financial flexibility and minimize their capacity for growth, there has been great progress in driving the adoption of digital payments.

In Argentina, for example, we are seeing a continued rise in digitalization with the use of virtual cards that enable network payments to move quickly between farmers and ranchers in the region and their customers. With Visa Agro, a commercial payment solution that facilitates the purchase of products and resources for farmers and ranchers, Visa is working alongside the Agropago platform and AgroFy to accelerate digital commerce and financial tools for the agricultural ecosystem.


Interest in and adoption of digital currencies

Disruptive solutions will take digitalization to the next level, going beyond physical cards and traditional payment credentials. And it is precisely this innovation, driven by alliances between Visa and fintech partners that challenge convention and offer flexible solutions that can improve back-office sales and purchasing processes for all members of the ecosystem.

Such is the case of the alliance between Visa and Agrotoken, the first global infrastructure to tokenize agricultural products initially in Argentina, which presents an innovative card for agriculture that allows producers to pay for any type of purchase, whether coffee or a tractor, directly with their tokenized grains, without intermediaries, quickly and easily in more than 80 million merchants that accept Visa around the world.

This groundbreaking agreement brings together two solutions: one of the most secure cryptoassets currently in existence in the world, based on grains such as soy, wheat and corn, and the scale, technology and acceptance offered by Visa. Visa’s goal is to add value to all legitimate ways of moving money, both originating on and off the Visa network, which is a testament to our network of networks strategy.

Beyond agriculture, we see that innovation is improving the flow of money and international trade within LAC, allowing corporate treasuries to transform their operations. Innovative payment service providers are introducing new models that enable international e-commerce through local payment methods.

Digital transformation is also helping SMEs in the region not only become more digitalized but also enabling them to partner with larger players like Visa that can provide them with access to the tools and resources needed to succeed. For example, we partner with emerging leaders like Konfío in Mexico and SEMPLI in Colombia to provide them with better financial and digital inclusion.

There’s an old saying: if you want to go fast, go alone, but if you want to go far, go together. In the case of LAC’s digital transformation, going fast and going far is the result of collaboration and strategic alliances, of working together to help organizations of all sizes improve their livelihoods, processes, and profitability. At Visa, we see this as a fundamental opportunity to change the business world (for the better!) and drive inclusive growth in the region.