Visa to launch innovation center in Brazil

The company expects to gain more agility and tools for product and service development

Credit card giant Visa has announced that it will open an innovation lab in Brazil in second half of 2015.

The facility will be based in São Paulo and will work as a mirror of One Market, the 112,000 square foot innovation center and office space the company opened in San Francisco a year ago.

Just as in its American counterpart, the Brazilian innovation center is intended as an environment to get clients and partners to interact with Visa subject-matter experts, as well as a facility to prototype offerings in payment technology.

"It is a new stage for Visa in Brazil, as we have focused increasingly on the development of digital platforms, such as token-based security and cloud payments, developed at our innovation center in San Francisco," says Visa's product vice president Percival Jatobá.

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According to Jatobá, the company will be launching such facilities in several markets worldwide and Brazil is the first country outside the US where the innovation lab will be established.

"The idea is that [the labs] will be interconnected, facilitating the access to mature projects across different markets," the executive says.

"With the innovation center, we will have more agility, more information and tools for creating different products and services, ensuring convenience, simplicity, standardization, interoperability, global accessibility and security for all the stakeholders of the payment system," he adds.