1. Insights for the Acquiring
Business
in Latin America and the Caribbean
2013

2. 2
The recommendations provided by Visa are based on the best practices developed by
Visa over time. However, the implementation of any recommendation falls under your
responsibility. Accordingly, we suggest that the same be assessed by your business
area and legal counsel prior to such implementation. Visa offers no guarantee in
regard to its recommendations, nor does Visa or any of its affiliates assume or hold
any liability for your actions, errors or omissions or for the decisions you make with
respect to any information furnished by Visa or its service providers pursuant to the
provisions of this document. Consequently, Visa and its affiliates will not be held liable
for any damage or loss that your entity or a third party may sustain by implementing
these recommendations.

3. 1
Table of Content
Card Market Landscape 3
Card Acceptance in LAC 6
The Merchant Life Cycle 9
Profitability 13
Top 10 Projects of Visa Consulting LAC 21
How can Visa help? 22
Visa and Visa Consulting LAC 22
TABLE OF CONTENT 1

4. 2

5. 3
Card Market Landscape
Cash payments continue to be the main means of payment in Latin America
and the Caribbean (LAC), with approximately 60% penetration in PCE (Private
Consumption Expenditures) (Euromonitor Estimate for 2012 – Credit and Debit
Cards). However, the amount of card payments has increased dramatically.
Spending (in USD) increased by 24% on an annual basis during the years 2005 through 2010, making this
region the world’s fastest growing.
The scenario continues to be positive, with the prospect of at least 15% growth driven by an emerging middle
class and the growing trend toward banking present in these markets (Figure 1).
Card Market Landscape
Source: Euromonitor Report (“Assessing the
Payment Landscape in Latin America”;
September 2011)
Figure 1
Banking penetration trend of
population over 15 years old
2002
20%
30%
40%
50%
60%
70%
80%
90%
2004 2006 2008 2010
Brazil
Chile
Argentina
Venezuela
Colombia
Mexico
%of15+population

6. 4
Significantly, the countries that have attained higher penetration rates (Brazil, Argentina and Chile) have also
made more progress in the card market. This is indicated by penetration in private consumption expenditure,
which, in each case, exceeds 20% (figure 2).
Besides the banking trend, another key factor, is the number of merchants that accept this type of payment.
The expansion of merchant coverage and the management of this activity are developed by acquirers, which
in LAC can be card-issuing banks and/or independent acquirers such as Visanet in Guatemala, Peru, Uruguay
and Dominican Republic, or Cielo and Rede in Brazil.
Irrespective of the corporate structure or purpose of these institutions, three key factors affect the acquiring
business by shaping the challenges and opportunities in the region:
Card Market Landscape
9%mexico
9%colombia
12%PUERTO
RICO
11%
peru
22%ARGENTINA
16%VENEZUELA
26%
CHILE
25%
BRAZIL
Source: Euromonitor Merchant Segment Study
Estimate for 2012 – Credit and Debit Cards
Figure 2
Card Spending
PCE penetration
Banks’ involvement
in acquiring business
Profitability Informal economy
Issuing banks, like independent
acquirers, exert a strong
influence in the business and
there is a considerable effort to
align strategies and priorities.
In some markets there is a
perception that the acquiring
business isn’t sufficiently
profitable to justify a greater
investment or the prioritization
of resources.
Many merchants lack the
necessary business documents
and bank relationships.
1 2 3

7. 5
These market dynamics have restricted, to varying degrees, the number of member merchants. Therefore,
when compared to developed markets, access to card-accepting merchants is relatively limited in the Region
(see Figure 3).
This document illustrates some of the best practices, recommendations, profitability challenges and other
insights generated over our years of cooperation with acquirers in the region.
Given this framework, Visa Consulting has developed a suite of solutions in order to identify business
opportunities and promote greater card acceptance in the region. This effort is a part of Visa’s global acceptance
strategy, by means of which it supports acquirers in increasing POS penetration worldwide. (Figure 4).
Acceptance penetration
HIGHLOW
Card Market Landscape
Source: Euromonitor 2012
FigurE 3
Number of POS per
100,000 inhabitants
Source: Visa Inc., World Fact Book, Global
Insight
FigurE 4
POS Penetration
1,963
BRAZIL
819
CHILE
391
COLOMBIA
1,005
VENEZUELA
488
MEXICO
2,175 2,514
CANADA US
2,475
france
2,115
UK
3,308
SPAINportugal
2,644

8. 6
Card Acceptance in LAC
Despite varying perceptions regarding the degree of card acceptance in the region,
there is a consensus that the number of card-accepting merchants in LAC can be
expanded. This holds true even in Brazil, where the acquiring business has settled
in a more favorable environment.
An example of this is evidenced by the a simple merchant category anaylsis. Generally, acquirers use merchant
category segmentation and are eager to analyze their opportunities from that perspective. It is indeed one of
the most basic analyses that can be made, and yet many acquirers do not perform comprehensive studies from
this perspective.
The supermarket sector offers a good example. In the United States, 73% of supermarket consumer purchases
are made with cards, while in LAC the best case is Brazil with 56%. Others, like Colombia, show figures as low
as 11% (Figure 6).
Card Acceptance in LAC
Source: Euromonitor Merchant Segment Study
Estimate for 2012.
Figure 6
Card penetration in
supermarket spending
ARGENTINA
29%
V E N E Z UE L A
24%
mexico
11%
COLOMBIA
11%
73%
US
56%
brazil
27%
PUERTO
RICO
33%
PERu
32%
Chile

9. 7
Two factors account for this effect. The first (which is nearly always taken into account) is that many
supermarkets in the LAC region still don’t accept cards. Therefore, efforts to include new member merchants
are continuously discussed and prioritized.
The second factor, which in many cases is disregarded because it is difficult to quantify, is the degree of
penetration among merchants that already accept cards.
Although some merchants are already members, many consumers prefer to pay in cash. Some studies suggest
that, to a greater or lesser extent, this is due to the fact that restricted acceptance leads customers to use
more cash and checks in their daily life. This becomes a habit, and consequently the consumer uses his or her
card less, even with merchants that already accept this means of payment (Figure 7).
Apart from the traditional perspective of considering the additional acquired volume generated by a new
member merchant, some acquirers are adopting the concept of “spill-over”: If acceptance increases, the
volume generated by current member merchants will also increase.
Despite the fact that this new approach has become more widespread, accounting for larger investments
aimed at increasing acceptance, various traditional initiatives can be employed to ensure efficiency, improve
service and support acquiring business profitability in the region.
Card Acceptance in LAC
Source: Visa Quarterly Report 2012
Figure 7
transactions per
credit card per year
0000 0000 0000
0000 0000 0000
0000 0000 0000
0000 0000 0000
0000 0000 0000
24
brasil
0000 0000 0000
23
venezuela
0000 0000 0000
28
argentina
0000 0000 0000
39
PUERTO
RICO
PERu
7
chile
17
mexico
10
colombia
9

10. 8

11. 9
0. Planning
These are the processes responsible for defining merchant categories, types of merchants,
value proposition, pricing, channels and other factors that will serve as a platform for business
expansion.
Certainly there is room for improvement in this field, mainly when it comes to the execution of
such strategy.
Generally, average-to-good planning levels have been found, but acquirers have faced many
challenges in order to implement the predefined strategy.
This is exemplified by the frequent lack of monitoring of acquired volumes at a merchant level.
Even though prices are established according to discount tables based on expected volumes, few
acquirers confirm whether their expectations have been met.
The Merchant Life Cycle
Visa has traditionally supported banks throughout the LAC region with best practices over the life cycle of
the issuing business. This initiative has been very successful, bringing forth many benefits in regard to new-
customer acquisition, activation, usage and cardholder retention.
Based on this experience, Visa Consulting LAC has developed a model for the
acquiring business. From the acquirer’s perspective, the life cycle of a merchant,
has been established as follows:
The Merchant Life Cycle
0. Planning 1. Affiliation 2. Activation 3. Use 4. Retention

12. 10
1. Affiliation
This involves merchant prospecting, negotiation and qualification processes for card acceptance.
Once again, there are some affiliation strategies that aren’t fully beneficial for the merchant from the
standpoint of their overall impact on the system.
In some cases, many acquirers don’t have a list of target merchants defined according to the business
potential to serve as a roadmap for sales force efforts. In other cases they merely use the information
of their issuing business to identify the merchants their customers use more frequently and then
target them with affiliation proposals.
This latter approach generates little or no new acceptance, however, because the competition
remains limited to the same member merchants. Thus, there is great pressure on business conditions
but scarcely any business expansion. The number of new member merchants is equal to the number
of lost merchants, and ultimately the overall investment does not lead to business growth.
2. Activation
These are activities intended to monitor and maintain merchant activity levels.
Surprisingly, none of the analyzed acquirers has been engaged in activation-related activities. They
all had installed terminals and assumed that activation would ensue as a natural consequence.
However, many times that is not the case.
3. Use
These activities are related to the use of services over the life of the contract. Apart from customer
service, maintenance and service supply issues, other aspects must be considered, particularly with
respect to more profitable merchants.
One of the rarely handled issues is profitability analysis from a comprehensive business perspective,
which is defined not only based on discount and lease rates but on the overall business relationship
of the acquiring bank with the merchant.
Other areas of focus for acquirers in this phase include training for merchants aimed at maximizing
terminal usage or daily merchant monitoring for proactive reactivation and retention.
4. Retention
These are actions intended to prevent the cancellation of service supply from the acquirer to the
merchant.
A serious deficiency has been observed in merchant behavior indicators and monitoring.
Consequently, almost no initiative has been developed in regard to renegotiation of discount rates,
segmented promotions or direct contact with merchants as a means to anticipate potential attrition.
Given this framework, Visa Consulting has compiled a list of recommendations to be applied by
different acquirers in all LAC countries.
The Merchant Life Cycle

13. 11The Merchant Life Cycle
Recommendations
Best practices were identified with each acquirer, and each of them was thoroughly described
in terms of campaigns, systems involved, follow-up measures, incentive adjustments, human
resources, financial resources, etc.
These improvement initiatives were then compiled as 25 general recommendations along the
merchant life cycle (0: Planning; 1: Affiliation; 2: Activation; 3: Use; 4: Retention). The initiatives
refer to several gaps, many of which have been encountered through interactions with acquirers
in the region.
1. Implementation of cross-selling
programs to make relationships with
merchants more profitable. (0)
2. Definition of a process by which
to monitor the assumptions used
to define and adjust business
conditions. (2)
3. Generation of a merchant relationship
indicator by which to monitor the
overall business relationship with the
merchant. (1)
4. Implementation of a model by which
to measure profitability and manage
the performance of each target
segment. (3, 4)
5. Reliance on a cost-revenue
sensibility analysis as a result of
merchant losses. (3, 4)
6. Development of business cases
to assess feasibility and expected
profitability as a means to penetrate
and reach a position in certain
merchant categories. (0, 1)
7. Generation of a profitability-based
segmentation model by which to
maximize the potential of each
segment. (0, 1)
8. Implementation of a series of
key performance indicators for
enhanced business management.
(0, 1, 2, 3, 4)
9. Definition of a monitoring process
concerning daily merchant activation.
(2, 3)
10. Application of a profitability-based
segmentation model to merchant
management. (0, 1)
11. Development of customized, added-
value services and innovative solutions
for high-value customers. (0)
12. Definition of a process that ensures
activation in the days immediately
after terminal installation. (1)
13. Offering of incentives for new merchants
that reach a set level of transactions
within the first month . (2)
14. Improvement of communication
channels with merchants. (3)
15. Definition of an ongoing quality
program, identifying new merchant
requirements. (3)
16. Definition of an advisory and training
program for new merchants to
increase card billings. (3, 4)
17. Generation of periodic market
studies, including merchants’
preferences and expected added
value. (4)
18. Establishment of a direct contact
program with merchants. (4)
19. Implementation of an incentive
program for the sales force to
promote cross-selling. (0)
20. Reliance on an incentive program
segmented by affiliation, activation
and use of merchants. (1, 2)
21. Establisment of a dedicated sales
force for high-value segments. (1, 2)
22. Identification of acquiring business
growth based on market trends and
opportunities, emphasizing the future
as opposed to the past. (3, 4)
23. Reliance on specialized teams to
manage specific market segments.
(3, 4)
24. Reliance on two or three terminal
suppliers to negotiate better prices
and contract conditions. (0, 1)
25. Implementation of technological
solutions, including a Web platform
for automated processes and
enhanced services to merchants. (0,
1, 2)

14. 12

15. 13
Profitability
Theacquirer’sbusiness,unlikethatoftheissuer,mayhaveoneofvariousstructures,
each with its own goals and strategies.
Prior to assessing profitability, it is important to understand the organization’s expectations in regard to
acquisition activity.
This will define its strategy and therefore its structure.
Various acquisition models are employed in the region, and each has particular strengths. The three most
common models are shown below:
It is important to note that, in the above three cases, the acquiring business is profitable and generates
resources that justify an investment in its expansion. The difference lies in how such profitability is attained.
In those cases where the organization that focuses on each product individually, profitability is basically
generated through discount rates and equipment lease fees. However, when a channel is involved the discount
rate is sometimes insufficient to render the business profitable. Consequently, profit arises from linked
products such as current accounts, credits, working capital, etc.
Ultimately, both, the model and the results monitoring must be aligned with the main strategy of each
institution results monitoring. A common mistake is to measure results with a different approach to the one
used in the business model.
The first analysis to be performed consists of understanding the value waterfall, meaning the composition of
business income and expenditures.
It is advisable to pay attention to regional benchmarks as the means to determine whether business indicators
are consistent with the parameters established for the business, such as Net MDR (discount rate less
interchange fees), transaction costs, income per merchant, etc.
Nevertheless, problems may arise, such as merchants or segments with a Net MDR that is well below the
expected standard, negative, or with overhead costs that offset the per transaction profitability.
Profitability
Product Business Unit Channel
1 2 3
This is characterized by a
focus on customer service,
innovation, added value and
offer differentiation. There is
no structured effort for the
sale of other products to the
merchant.
This focuses on results, strong
planning and segmented
action, frequently acting as an
independent unit.
This focuses on cross-
selling, overall customer
profitability and the strong
presence of rebates, but it
is not independent from the
rest of the organization.

16. 14 Profitability
• Discount rates
• Terminal lease
• Minimum transaction fee
• Authorizations
• Installation
• Maintenance
• Chargeback commissions
• Product cross-selling
• Others
• Interchange
• Processing
• Authorizations
• Call center
• Sales
• Maintenance
• Supplies
• Installation
• Software development
• Training
• Depreciation
• Chargebacks
• Networks
• Back-office
• Technology
• Marketing
• Others
The main examples
of income to be
considered are:
The main examples of
costs to be considered
are:

17. 15
Figure 9
Profitability per Category
Category Profit/trans.
Travel agencies +
Insurers +
Charity +
Schools and universities +
Fast food +
Entertainment +
Parking +
Pharmacies +
Gas stations +
Government +
Large Retailers +
Category Profit/trans.
Hospitals +
Hotels +
Others +
Car rental +
Restaurants +
Supermarkets +
Telecommunications +
Air transportation +
Land transportation +
Retail +
Source: Research from Visa Consulting
As business evolves, the consolidated value waterfall must become more specific in order to support accurate
business decisions.
A traditional approach consists of segmenting merchants based on their size and business category. Figure 9
(shown below) is the result of an acquirer per category for the small-merchant segment.
Positive Positive given the right pricing conditions+ +
Some very interesting conclusions can be derived from this basic segmentation. For example, on the small-
ticket segment the pricing applied by the acquirer should consider the average transaction size and its
profitability. For this type of merchant an adjustment could be considered, e.g., a minimum fee per transaction.
The same kind of analysis must be performed for each segment established by the acquirer. Some conclusions
may be intuitive, such as the lower profitability per transaction (including instances of eventual losses for
certain categories) for larger merchants. However, such an analysis is very important because in some
cases acquirers may find that their segmentation model has no relation to profitability. This can lead to
two conclusions: (a) segmentation isn’t intended to increase profitability; or (b) segmentation shows key
deficiencies that must be reviewed.
The next stage involves the clustering of merchants within each category or size, such as distributing small
restaurants into different groups based on their respective behaviors.
Profitability

18. 16
The total number of clusters identified in the projects developed by Visa Consulting in the LAC Region is nine,
as shown in Figure 10:
EMERGING
MERCHANTS
PROFIT-MAKERS
AVERAGE-TICKET
MERCHANTS
HIGH-TICKET
MERCHANTS
SMALL-TICKET
MERCHANTS
LOW-ACTIVITY
MERCHANTS
FIX OR Flush
CREDIT
MERCHANTS
BIG ONES
Source: Research from Visa Consulting
Figure 10
Acquiring business
clusters
Profitability

19. 17
Clusters are defined jointly with each acquirer, but similar behaviors have been observed throughout the
analyzed markets. Each cluster portrays a series of indicators that must be considered in terms of how the life
cycle, pricing, service, technology and other factors are handled. They can be summarized as follows:
Emerging Merchants: These are merchants that generally have few transactions and pay low transaction fees.
Profit-Makers: These form a small group of merchants that account for a relatively large portion of the business
profitability.
High-Ticket and Average-Ticket Merchants: These merchants are similar in terms of profitability but have
average ticket differences.
Small-Ticket Merchants: These are merchants with very low average tickets. Their profitability is affected
whenever costs are based on the amount per transaction, and income is calculated as a percentage of volume.
Low-Activity Merchants: These are generally seasonal merchants, often in tourist areas. The proper
management of this type of merchant can reduce the costs of service, support and other factors.
Big Ones: These merchants show large volumes but may or may not be profitable. Generally, this cluster is
very profitable in commercial bank segments (small merchants) but generates losses in the corporate bank
segment (big merchants).
Credit Merchants: These are merchants in which the proportion of payments with credit cards (as opposed to
debit cards) far exceeds the market average. This is the case with hotels, rent-a-car firms and airlines.
Fix or Flush: These are merchants with profitability issues. They tend to show low volume levels, and for
various reasons they pay neither a lease or a low transaction fee. Prompt action must be taken in order to
reverse their deficient profitability, or their memberships should be canceled.
It is useful to understand the behavior of each merchant at a cluster level, because the actions by which to
improve profitability may be more related to the merchant behavior than to its category.
Profitability

20. 18
Actions must be undertaken at a category level in order to ensure greater effectiveness, including the choice of
terminal, technological solution, types of promotions and merchandising, and various other aspects. What is
effective for a restaurant will greatly differ from what a physician, a hotel or a gas station requires.
Interestingly, the type and level of service and the offers differ more per cluster than per category of business.
Emerging merchants should always pay the terminal lease (or low transaction fee) regardless of their categories
of business. Profit-makers should always receive preferential service. Small-ticket merchants should have a
minimum fee per transaction and so on and so forth.
The combination of cluster and category results also provides a comprehensive overview of how the customer
portfolio is evolving (Figure 12).
Figure 11
Profitability per cluster
Source: Research from Visa Consulting
Cluster 1 Cluster 2 Cluster 3 Cluster 4 Cluster 5
% of
merchants
% of
volume
% of
transactions
% of
income
% of Low
transaction
fees
% of
operating
cost
% of
interchange
% of
profit
% of
loss
% of
fixed costs
% of
margin
100%
0%
The following graph illustrates the merchant distribution at a cluster level for actual acquirer (Figure 11).
The dark-blue bar represents emerging merchants, which, despite representing approximately 60% of all
merchants, account for up to 90% of low transaction fees but no more than 10% of business profits. Cluster 5
represents “Fix or Flush,” and cluster 2 represents the profit-makers.
Profitability

21. 19
less profitable per transaction
Bank A
Cluster
1
2
3
4
5
6
HotelsRestaurants HotelsRetailers Retailers Entertainement
Bank B
more profitable per transaction
Source: Research from Visa Consulting
Figure 12
Profitability per Category and Cluster
The above example lays the ground for discussing several issues. In the case of Bank A, it can be seen that
nearly all groups report positive results (the retail category in particular is highly profitable). It is interesting to
note that restaurants and hotels don’t show fix-or-flush merchants.
Bank B shows thighter margins for the retail category. The emerging-merchant and small-ticket clusters show
somewhat negative profitability and should be targeted with specific actions.
The last topic of acquirer business profitability–cross-selling–is very important but is rarely approached
from a strategic standpoint. For all the acquirers analyzed, upper management agreed that the installation of
the terminal at a merchant’s location meant a strong connection to the establishment. Moreover, everyone
understood that profitability could be significantly expanded through the sale of additional products, whether
bank-related or not, because such a relationship affords ready access to merchant managers, decision-makers
and owners. Nevertheless, only rarely was a formal cross-selling process found to include a defined strategy,
goals and dedicated resources.
Although this activity hasn’t been fully developed, it should be noted that some acquirers operated within
business models in which cross-selling was employed (Figure 13). There are categories in which profitability
from the customer’s perspective is 33 times greater than what is obtained by the stand-alone acquiring
businesses.
Profitability

22. 20
Figure 13
Potential multiplication of acquiring stand-alone
business profitability through cross-sell
When acquiring is considered as a stand-alone business, profitability may not always reach the desired levels.
In such cases this multiple can be very high. In such cases, there is a significant opportunity for acquirers to
work on cross-selling actions in a structured way: Provided that it is easy to find establishments that have
just one—or possibly no—additional product, the allocation of additional effort is recommended in order to
increase their levels of connection.
Another example is provided by a highly profitable market in the region: The Brazilian market. The main
Brazilian acquirers have identified additional significant sources of income for their businesses and, over
the years, have developed them in a very successful manner. Instead of relying discount rates alone, in this
market the leasing of equipment is the rule instead of the exception. Furthermore, products related to working
capital have also become a significant source of business, accounting for approximately 30% of the profit in
these companies. Being independent acquirers, the opportunity for cross-sell was limited, which is why they
demonstrated creativity by developing other income sources.
This type of strategy, including the adequate allocation of resources, prioritization and top-level management,
has enabled independent acquirers such as Cielo (CIOXY ticket) to reach a market value of US$ 20 billion
(Google Finance, March 2013). Another example is that of a bank such as Itaú Unibanco closing a deal to
acquire Redecard equity at a company value of more than US$ 11 billion in September 2012 (Google Finance).
Comparatively, in March 2013 BBVA Global had a market value of US$ 54 billion, Banorte Mexico US$ 17
billion, Bancolombia US$ 14 billion, Banco de Chile US$ 14 billion and Royal Bank of Canada US$ 86 billion
(source: Google Finance, March 2013). Thus we can conclude that two independent acquirers in the LAC
region attained market values equal to those of large local and global entities. Accordingly, they now epitomize
what can be achieved in this business.
This model has been useful in the Brazilian market, given its particular dynamics. However, each market offers
solutions to be developed and thus represents exceptional opportunities for anyone who can develop them
through a growth strategy, proper management, adequate investments, cutting-edge services, creativity and
discipline.
Visa Consulting has, over the past several years, supported acquirers in the region with consulting projects,
seminars, workshops and executive presentations. This paper is just one of many resources available for
acquirers to capture of the opportunities herein described.
Source: Research from Visa Consulting
18X
21X
13X
23X
33X
Category 2 Category 3 Category 4 Category 5Category 1
Profitability

23. 21
Top 10 Projects
of Visa Consulting LAC
Visa Consulting, apart from its projects with acquirers, has a long record of projects
successfully developed and implemented with issuers in the region. The Top 10
projects are shown below:
Top 10 Projects of Visa Consulting LAC
Cross-Sell
Segmentation and
strategies to optimize
credit card acquisition.
Upgrade
Scoring and strategies
to grow affluent
portfolios.
Attrition
A predictive model
designed to minimize
customer attrition and
develop a proactive
approach towards
customer retention.
Credit Line
Management
Best practices and
segmentation to
optimize credit line
allocation and risk
management.
Market-Basket
Analysis
Behavior models and
campaigns to enhance
usage dispersion
across different
merchant categories.
Collections
Predictive models and
strategies to maximize
returns on collection
activities.
Activation
Strategy
Segmentation and
campaigns to drive
more activation for
new and existing
accounts.
Commercial
Migration
Behavior model
and campaigns to
capture cross-sell
opportunities with
business cards.
PL Migration
Models and strategies
to increase portfolio
profitability through
private label migration
to Visa branded cards.
Roll-over
Innovative approach
to leverage interest
bearing balances.
Based on predictive
models and
segmented strategies,
issuers will leverage
profitability while
reducing credit risk.

24. How can Visa help?
Our team has extensive knowledge and vast experience in the payments industry within the Latin America & Caribbean
Region. We offer a great variety of customized consulting services to help our clients enhance the profitability of their Visa
card portfolios.
Visa and Visa Consulting LAC
Visa Consulting & Decision Analytics Latin America and the Caribbean offers a wide array of consulting services to
Visa’s bank and acquirer customers. As a supplement to those services, we also issue valuable publications on topics of
importance to the industry.
Visa Inc. operates the world’s largest commercial electronic payment network, which encompasses processing services
and electronic payment platforms, including credit, debit, prepayment and commercial products bearing the Visa, Visa
Electron, Interlink and PLUS brand names. Visa has global acceptance, and Visa/PLUS is one of the world’s leading
automated teller machine networks, providing access to local-currency cash in more than 170 countries. For detailed
information, please visit www.corporate.visa.com.
We combine our wide experience
in the payments industry within the
LAC Region with a deep knowledge
of the different products and client
segments
We are a team of specialized
“Subject Matter Experts” with
international experience and a
multidisciplinary versatility
Our ‘Decision Analytics’ group
combines a team of experts in
statistics and data-mining with the
most advanced analytics tools in the
market
We have implemented many projects
that have significantly enhanced our
clients’ positioning and improved their
portfolio performance
We develop business solutions
with a strategic focus supported by
comprehensive analytical depth
We collaborate with leading
global consulting firms to integrate
international best practices and stay
at the forefront of the industry