Visa Brazilian President Nunu López Alves said the Brazilian economy is able to sustain itself despite the political and financial difficulties the country has faced in recent weeks.

“Brazil has a very strong economy and an increasingly educated population. [financeiramente]… There is still some concentration [de riqueza] in some regions, but it is such an important market that it manages to withstand even the ups and downs associated with the political situation and economic problems. I hope that Brazil will not lose this relevance, ”said the head.

In addition to advances in the financial system – for example, with respect to payments via WhatsApp and open banking – Alves said, digital transformation is another movement that is taking place regardless of the macroeconomic situation.

“It’s unavoidable. For example, there are still many opportunities for people to implement digital services and payments. The modernization is taking place on its own and this is great news, ”he said.

Two months after Alves took over the management of Visa in Brazil, he spoke to sheet the company’s strategies and next steps; and expectations regarding the company’s performance in response to changes in the financial system.

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Brazil faced uncertainty about the macroeconomic and political environment. Do you think that such a scenario could affect the confidence of businessmen and consumers in the country?
Overall, I am an optimist. I have been working in the region for many years. Latin America is a region that has always been very unstable, but has always known how to move forward.

Brazil has a very strong economy and an increasingly educated population. [financeiramente]… There is still some concentration [de riqueza] in some regions, but it is such an important market that it manages to withstand even the ups and downs associated with the political situation and economic problems. I hope Brazil does not lose this relevance.

In addition, there is another movement that takes place regardless of the macroeconomic situation, namely the promotion of digital transformation.

And this is inevitable, especially in the field in which we work. For example, there are still many opportunities for people to implement digital services and payments. The upgrades are happening independently and that’s great news.

Many new consumers have appeared. My crystal ball still doesn’t know what it will be like next year. It may be one way or another, but in any case, there are still many opportunities for technology development and digital transformation.

Many people have closed their businesses or lost their purchasing power during the pandemic. How do you see the country’s recovery?
Curiously, in every crisis, entrepreneurship grows because it is a solution. Many people end up losing their formal jobs and are forced to find a way to support their families.

Then there is an explosive growth of micro and small enterprises. During the pandemic, 40% of established micro and small companies began to accept electronic payments.

And at the end of the day, we are already starting to see that consumers are starting to use this technology as well. Economic activity is migrating to a different configuration, and this is a great opportunity.

Among the various revolutions in the financial system, open banking is the most recent. How does Visa see the emergence of this new system?
Open banking is a very big opportunity, as well as the goal of our business. We are following very closely what is happening not only in Brazil, but also in different places around the world.

We have several players looking at this. For example, at Visa, we have over 100 members from fintech companies and startups.

Open banking is a natural extension of our business. We have been able to provide data transaction between consumers and problems, and especially in this model, which deals with acquirers and commerce, our network is also getting an extension of everything we can contribute.

And is there a specific open banking solution that Visa is working on?
I cannot open information about these new solutions, but I think that this is a system that will rely on the initiation of payments and information traffic of the account. This is our natural space.

We not only carry out financial transactions, but also carry information. We need to have something to offer for everything related to account data and leading to an ecosystem of partners such as banks. In fact, we have already done this.

We are going to occupy a very important space with everything we offer.

What does Visa do in terms of security?
In 2019, Visa prevented over $ 25 billion. [R$ 130,5 bilhões] about fraud in our systems. This is a very expressive number that gives great importance to the industry.

Obviously, we have an entire technology for approving transactions with networks that can parse hundreds of variables, but we’ve also evolved our own credentials as well. Now the data is being converted to bogus data, and it becomes more and more difficult for a hacker to try to do anything in this way.

There are several levels for prevention, detection and remediation. But this is a constant investment, because security is the main prerequisite of the market. Without this we cannot do anything.

What are the next steps for Visa with your guidance?
We will continue to focus on innovation and the development of cutting-edge technology, bringing all the trappings of innovation and convenience that are part of our offering.

I’m going to build [esse futuro] in addition to a very good base, excellent customer relations and a structured and very competent team. It is now clearly expanding.

More and more, you will see Visa claim to want to be a network for everyone and work everywhere. For Brazil, we want to continue expanding our value proposition to more consumer and commercial segments so that everyone can benefit from innovation in financial transactions.

We want to empower consumers, commerce, and be more proactive in this battle for relevance and engagement.

What solutions is Visa working on?
We are working on a lot of things, but in most cases you can expect an increase in the estimated payouts.

Looking at the physical world, these transactions account for 15% of all transactions made in Brazil. This number is much lower than the potential in the region where I worked before. [América Latina e Caribe] it was threefold. In Australia, this percentage is 95%.

Of course, this type of solution is much more hygienic, faster and more convenient, but there are other aspects to be explored, such as urban mobility or other sectors such as education and healthcare, in addition to Tap to Phone solutions. [solução de baixo custo da Visa que transforma a geração atual de smartphones ou tablets em um POS [maquininha] are software-based, allowing them to accept payments on the fly without the need for additional hardware].

We also want to embed our reputation in the digital environment. Everyone likes to use the transport app without touching their pocket, and the more digital data with Visa credentials, the better.

Be it insurance reimbursement, payment of wages in different sectors or in a joint economy. There are many ways to use the experience of moving money.

And in the end, every time a business transaction occurs, we can be present in both the physical and the virtual world. “