Visa's payments volume grew by 23.2% in the Latin America and Caribbean (LAC) region last year reaching $270bn. Payments volume for 2010 grew 24.6% in Brazil and 16.8% in Mexico, with other LAC countries grouped to show a 22.8% growth. This performance is the outcome of a sound global strategy: to migrate cash transactions to VISA global processing network. The new Visa personal payments service eliminates the inefficiencies of cash and checks for payments between individuals through technical enhancements to VisaNet, Visa's global payments processing network, and through the introduction of a new Visa transaction type that allows financial institutions to accept incoming funds.
