Innovation in Latin American payments is growing significantly, often in surprising ways:
- Retailers are becoming financial service providers
- Online marketplaces are providing banking services
- Banks are using more open platforms to facilitate payments
Recently, Visa’s Innovation Center asked Americas Market Intelligence (AMI) to create a study on the companies in Latin America that are spurring significant innovation in the area of payments and financial services. AMI and Visa recently published a whitepaper with the results of the study.
Entitled The State of Innovation in Latin America, the report observes that innovative companies in Latin America share several key characteristics:
- A dedicated innovation center, team or department
- Innovation labs and open spaces within offices to promote cross-departmental collaboration
- They embrace innovation both internally and externally, with an average of 140+ APIs and partnerships with an average of 15 start-ups per year
- 80% use leading industry technologies such as artificial intelligence and machine learning
- They successfully scaled their solutions internationally to more than five markets
- They produced an average of 57 proofs of concepts in the last three years
- They developed solutions in less than five months
The State of Innovation in Latin America also includes profiles of the levels of innovation in different countries, including Brazil, Mexico, Argentina, Chile, Peru and Colombia.
Overall, this whitepaper — part of AMI’s work in helping companies with thought leadership — indicates that Latin America is heading toward a paradigm in which open-source and open-platform models are becoming the standard.
Currently, The State of Innovation in Latin America is available in English and Spanish. Click on the cover images below to download a copy in each respective language:
Contact AMI if your company needs to learn more about the payments industry in Latin America — we’ve conducted over 400 market research and intelligence studies in this sector in Latin America, and our case studies show some of the results we’ve delivered for clients in this space. We also may be able to help your company with thought leadership marketing: creating and producing whitepapers, blog posts, infographics, videos and other content to help strengthen your brand positioning, drive traffic and generate leads.