According to the most recent analysis by the Visa Consulting & Analytics (VCA) team, the number of cross-border transactions (that is, payments that Latin American and Caribbean consumers make with their local credentials in a different country) increased more than 10% between December 2023 and January 2024 compared to the same period in previous years (between December 2022 and January 2023). The highlight has been contactless payments in cross-border transactions, which registered a growth of more than 65% during the period analyzed.
“Tourists in our region increasingly understand that digital payments are the best option for those who want to enjoy their trip safely and conveniently. Proof of this is that the VCA team noticed a 40% drop in the number of international retreats made by tourists from Latin America and the Caribbean in the last three years. “Technology, combined with the many benefits that payment credentials offer – such as insurance and access to VIP lounges in airports around the world – has made the difference when choosing the best way to pay,” said Javier Vazquez, Senior Vice President and Head of Visa Consulting & Analytics for Latin America and the Caribbean.
The study reveals that the 10 destinations with the highest number of Visa transactions carried out by LAC consumers between December 2023 and January 2024 are the following, in this order: USA, Canada, Chile, Argentina, Brazil, Germany, Spain, France, United Kingdom and Costa Rica. Americans are the most frequent tourists in the region and 50% of cross-border transactions made with credentials issued in the US are carried out in cities in Mexico.
In which countries in Latin America and the Caribbean are there the highest number of transactions carried out by tourists from around the world? According to VCA, the countries in which the highest number of cross-border transactions were registered during the period analyzed are the following: Chile, Argentina, Brazil, Costa Rica and Mexico. Of these markets, the countries with the highest growth in international transactions were Brazil and Chile (over 120% and 75%, respectively), compared to data from December 2022 and January 2023.
“Travelers are increasingly digital and this consumption habit is reflected in the payments they make, but also in planning before and during the trip. It is important that tourist destinations in the region are prepared in terms of acceptance and innovation to receive these tourists in the safest and most practical way possible,” Vazquez highlighted.
The analysis was performed based on VisaNet transaction data from December 2021 to January 2024, comparing the number of in-person cross-border transactions. The following countries and territories of the Latin American and Caribbean region are included: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Guatemala, Mexico, Panama, Peru, Puerto Rico, Dominican Republic and Uruguay, excluding transactions with Visa Direct.