Latin America is fertile ground for transformative technologies
Posted: Mon Dec 23, 2024 6:34 am
Amidst current global macroeconomic challenges, we are witnessing firsthand how Latin America is positioning itself as fertile ground for resilience and innovation.
Over the past two years, we have seen a transition from corporate budget freezes during the COVID-19 pandemic and restrained spending in 2022 to a current “wait and see” approach where companies are now focused on using stricter budgets to acquire and retain customers while investing in emerging technologies to transform their operations. While this may seem like a tall order, many companies in our region are proving up to the task.
With the rise of transformative technologies such as Generative AI, Open Finance how to get south korea whatsapp number Blockchain innovation and Real-Time Payments, many leading Latin American companies – including traditional companies and new disruptive players – are already on the path to redesign their entire operational structures to be more agile, efficient and competitive. Generative AI and Open Finance are the rising stars of our new Visa Innovation Study “Data-Driven Personalization in a Generative AI World” – the results reveal that both technologies are the top next-generation innovations that are inspiring leading Latin American companies (75%) to transform their internal infrastructure in the next two years.
In fact, generative AI was the most-reported trend in this year’s study, emerging as the technology of choice for anyone looking to innovate, stay competitive, and drive hyper-personalization at scale. Open Finance is also making great strides. This technology is driving data sharing at an unprecedented speed, which will enable companies to deliver incredible personalized business experiences to become the ultimate value aggregator.
But beyond all this, the convergence of blockchain and tokenization with real-time payments is also giving us the first glimpse of how these technologies are poised to transform the speed, security, and volume at which companies exchange commodities. The study indicates that in the next 2-7 years, Latin America will gravitate toward interoperable digital value networks powered by Real-Time Payments (RTP) in which any type of digital value (cryptocurrencies, commodities, NFTs, traditional fiat currencies, or tokenized assets) can be instantly exchanged anytime, anywhere, unlocking trillions of dollars in potential capital.
Additionally, blockchain innovation is skyrocketing in the form of smart contracts, tokenization of real-world assets, and central bank-issued digital currencies (CBDCs), and some organizations in the region are already converting largely out-of-reach physical assets into tangible, tradable digital products with the promise of expanding liquidity and unlocking new growth opportunities.
As this landscape continues to evolve, I want to highlight five specific trends that we believe will drive the Latin American business ecosystem in the next two years:
Increased regulation and government involvement in creating frameworks and guidelines around AI, interoperability, data privacy, open finance and CBDC.
Unprecedented data-driven personalization in an increasingly AI-driven landscape, redefining the present and future of the commercial ecosystem in our region.
A more invisible and fluid movement of money driven by increased use of digital wallets, virtual cards instead of plastic cards, biometric and facial payments for improved security, and low-cost commerce technologies (such as Tap-to-Phone and Scan-to-Pay)
Wallets are becoming more central than ever, with different accounts being integrated into a single wallet, creating a centralized tool for making payments and managing finances.
Over the past two years, we have seen a transition from corporate budget freezes during the COVID-19 pandemic and restrained spending in 2022 to a current “wait and see” approach where companies are now focused on using stricter budgets to acquire and retain customers while investing in emerging technologies to transform their operations. While this may seem like a tall order, many companies in our region are proving up to the task.
With the rise of transformative technologies such as Generative AI, Open Finance how to get south korea whatsapp number Blockchain innovation and Real-Time Payments, many leading Latin American companies – including traditional companies and new disruptive players – are already on the path to redesign their entire operational structures to be more agile, efficient and competitive. Generative AI and Open Finance are the rising stars of our new Visa Innovation Study “Data-Driven Personalization in a Generative AI World” – the results reveal that both technologies are the top next-generation innovations that are inspiring leading Latin American companies (75%) to transform their internal infrastructure in the next two years.
In fact, generative AI was the most-reported trend in this year’s study, emerging as the technology of choice for anyone looking to innovate, stay competitive, and drive hyper-personalization at scale. Open Finance is also making great strides. This technology is driving data sharing at an unprecedented speed, which will enable companies to deliver incredible personalized business experiences to become the ultimate value aggregator.
But beyond all this, the convergence of blockchain and tokenization with real-time payments is also giving us the first glimpse of how these technologies are poised to transform the speed, security, and volume at which companies exchange commodities. The study indicates that in the next 2-7 years, Latin America will gravitate toward interoperable digital value networks powered by Real-Time Payments (RTP) in which any type of digital value (cryptocurrencies, commodities, NFTs, traditional fiat currencies, or tokenized assets) can be instantly exchanged anytime, anywhere, unlocking trillions of dollars in potential capital.
Additionally, blockchain innovation is skyrocketing in the form of smart contracts, tokenization of real-world assets, and central bank-issued digital currencies (CBDCs), and some organizations in the region are already converting largely out-of-reach physical assets into tangible, tradable digital products with the promise of expanding liquidity and unlocking new growth opportunities.
As this landscape continues to evolve, I want to highlight five specific trends that we believe will drive the Latin American business ecosystem in the next two years:
Increased regulation and government involvement in creating frameworks and guidelines around AI, interoperability, data privacy, open finance and CBDC.
Unprecedented data-driven personalization in an increasingly AI-driven landscape, redefining the present and future of the commercial ecosystem in our region.
A more invisible and fluid movement of money driven by increased use of digital wallets, virtual cards instead of plastic cards, biometric and facial payments for improved security, and low-cost commerce technologies (such as Tap-to-Phone and Scan-to-Pay)
Wallets are becoming more central than ever, with different accounts being integrated into a single wallet, creating a centralized tool for making payments and managing finances.