Visa, as the biggest payment network, globally, by market share data, leads the effort of implementing digital payments worldwide. Unfortunately, since 2016, MasterCard has been aggressively gaining market share in transaction volume in Latin America, eliminating completely American Express and Discover/Diners’ transaction volumes. Its growth has been of 9%, closing at 42% to 56% Visa’s market share in 2020.
To gain back some of that market share, Visa Ready LAC strategy is focusing on these objectives:
- Increase Token readiness to support more digital transactions
- Increase technology partners certified to provide more digital ways to pay
- Provide digital services to create strong relationships with issuers and merchants
In order to effectively track and measure the statuses of these goals of Visa Ready LAC’s strategy to gain back market share related to transaction volume from MasterCard, key performance indicators are needed:
- Certify at least 5 token service providers to help with issuer readiness for token adoption.
- Organize key meetings with 2 global issuers to get them onboard with the Visa’s objectives in several LAC markets and track their implementation status.
- Cover minimum market requirements for at least 3 main acquirers for mobile wallets to be able to be used by cardholders.
- Complete end-to-end testing with QR payment with at least 1 market.
- Provide technical support to 1 token service provider to launch a minimal viable product (MVP)
KPIs must be related to specific, measurable, achievable, relevant, and time-framed (SMART) goals. Focusing on these indicators, assessments can be done to determine the success of a specific marketing strategy.