Visa announces its first office of Central America in Panama
Visa Inc. announces the opening of its headquarters in Panama, the first in Central America, where Nicaragua and Honduras markets will be managed. The new office began operating on October and is located in the financial district of Panama City. The other countries of Central America region are managed from the headquarters in Miami, in the United States.
Eduardo Coello, the company president for Latin America and the Caribbean said “The great acceptance that has had the electronic money and penetration of mobile technologies, coupled with the country’s strategic location, make this the ideal moment for Visa to consolidate its presence in Panama.”
The multinational payment technology landed for the first time in Panama in 1978, a country with low banking fees, where 80% of the current economic transactions are made in cash.
In fiscal 2016, Visa had an average growth of 15% in Panama and debit experienced an increase of 17%.
“We want to leave the metropolitan area, there are many opportunities within the country. We want to be in Chiriqui, we want to be in Chitre, we want to promoting economic growth,” Santiago Rega , the general manager of Visa in Panama, Nicaragua and Honduras, said.
In Panama, as in other Latin American countries, the two major challenges of the company are to “bring” people living in rural communities “into the formal financial system” and to get the consumers to pay directly with their card in the trade instead of going to the bank to withdraw cash, recognized the regional president of the multinational.
Of the 900 million dollars that Visa moves each year in Latin America, only 340,000 million correspond to electronic transactions made directly at the points of sale. In Latin America and the Caribbean there are 449 million Visa cards and 7 million points of sale where they can be used, according to company data.
The fact that the company opened its doors in Panama, will benefit the country’s economic sector.