Mobile wallets are gaining popularity across Latin America and the Caribbean
By Marcus Vendruscolo, Sr. Director Visa Direct, Visa Latin America and the Caribbean
Today, people demand the freedom to purchase anything from anywhere and are more willing to try new payment experiences. Digital wallets will account for more than 50% of all eCommerce payments globally by 2024.¹
eWallets can help enhance customer retention and position payment cards as top wallets. Visa supports digital wallets in several ways, including funding wallet accounts, cashing out stored funds and enabling access to our unparalleled acceptance network.
Digital payments have reached 64% penetration of retail in Latin America & Caribbean.²
9 tips to be successful with digital wallets
- Before creating a digital wallet, it’s important to understand the customer’s needs and preferences and how do you want to differentiate from competitors, providing a seamless customer experience.
- You will need to offer essential features & functionalities and Visa can help.
- Makes possible to choose from a variety of different programs as P2P (person to person) or P2M (person to merchant) transfers and different services like loan, cross-border remittances, mobile phone top-up, promotions, loyalty, cashback, funds disbursements, cryptocurrencies, insurance, etc.
- In order to escalate its adoption, it is key to provide a frictionless client onboarding experience, collecting only relevant information that will help you to screen your client (KYC). Complete the onboarding by offering your clients the possibility to enroll his/her credit or debit cards to fund the wallet.
- For the under banked target customers, think in aggregating instant card issuance and enable a digital version of it, also enabling the Tap to Pay and Scan to Pay solutions, supported by biometric authentication.
- Offer real time transfers, 24/7, high limits and configurable limits, providing full transparency of costs, delivering huge value and convenience for senders and receivers.
- Visa allows real time wallet load (cash-in) and cash-out thru cards, and the capability of interoperate with different wallets.
- Don’t forget about security and to implement a comprehensive credential data security model.
- Visa Direct is a global network that reaches over 7 billion endpoints, including 3 billion cards, 2 billion accounts and 1.5 billion wallets, covering 190+ countries and 160+ currencies through a single integration.
If you want to learn more how Visa Direct is helping transform global money movement, click here.