During its annual Visa Payments Forum, the American company showcased its latest innovations, highlighting the importance of adapting to market developments. Visa CEO Ryan McInerney emphasized that “As new forms of payment emerge, it is essential to operate on a network that is always active, reliable, and constantly innovating.”.
Visa Intelligence Commerce: Secure and seamless payments
The main novelty of the meeting was the introduction of 'Visa Intelligence Commerce', a payment network conceived “to facilitate trade based on artificial intelligence”, explained Romina Seltzer, Director of Products and Innovation for Visa Latin America and the Caribbean.
Seltzer elaborated on the corporate vision: "There is no commerce without payment; based on that foundation, we collaborate with key players in the industry to ensure that payments within the commerce context are secure, seamless, and enjoy the trustworthy characteristics of our products.".
This cutting-edge technology, developed in conjunction with leading companies such as Microsoft, OpenAI, IBM, and Perplexity, seeks to automate payment processes and promises to significantly reduce the time required to complete card transactions.
Enhanced security and reduced risk of fraud through tokenization
Security is a key pillar of this platform. Jack Forestell, global head of products and strategy at Visa, detailed the measures taken: “For AI-enabled cards, we offer two functionalities: tokenization and authentication. These services have been fundamental to our digital strategy over the past decade, and we're now adapting them to the traditional agent-driven environment.”.
Forestell explained that the 'token' “replaces the traditional 16-digit number with a unique 16-digit encrypted code”This system not only protects user authorization for each transaction but also drastically reduces fraudulent attempts.
A crucial aspect is consumer control. Forestell added: "Each token provided by Visa within the agent environment will be locked by default and will only be activated when the user authorizes the agent to perform the action. In short, nothing happens without the consumer's explicit permission.".
Eduardo Coello, regional president for Latin America and the Caribbean, reinforced this point by pointing out that the objective is “offer security and transparency to trade through agents based on artificial intelligence”He also stated: "We need tools that allow consumers to feel protected regarding their personal data and ensure that retailers are confident that the person making the purchase is truly who they claim to be.".
Promoting stablecoins in Latin America
In addition to AI, Visa is also focusing its attention on the regional financial future. Another innovation presented focuses on Latin America with the issuance of credentials linked to stablecoins. “both for making purchases and for using them”, Seltzer reported.
Thanks to a collaboration with the Bridge platform, cardholders will be able to make everyday purchases using their balance linked to these digital currencies at any establishment that accepts Visa. Seltzer added: “Our vision is to facilitate the necessary conditions to drive the next wave of digital commerce.”.
Coello complemented this regional perspective by highlighting how technology has been key to accelerating the adoption of electronic payments: “Technology has significantly increased the use of electronic payments in Latin America. Even before the pandemic, more than 50% of transactions were made primarily in cash; however, this method has no place in today's e-commerce world.”
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