Visa USA has introduced the "Hispanic Smart Moves" program, a comprehensive set of research findings and guidelines, to help its member financial institutions develop payment card marketing campaigns for the nation's growing segment of Hispanic consumers.
As the largest ethnic group in the U.S., the Hispanic population no longer represents an isolated segment of consumers but an increasingly important opportunity for Visa member banks to market a variety of financial services, including payment cards, the card association said.
"The Hispanic population is increasing dramatically, approximately 60% cumulatively in the past 10 years, and now represents 13% of the U.S. population. By 2050, Hispanics will make up almost a quarter of the population," Visa stated.
Visa noted Hispanic consumers' buying power is currently $653 billion and is estimated to reach $1 trillion by 2007. Because only 58% of Hispanic households with incomes between $30-50,000 currently have credit cards, compared with 78% of non-Hispanic households, this segment represents a unique opportunity for Visa member financial institutions.
Visa said its Smart Moves program covers a variety of areas, including key background on the Hispanic segment, detail on the Hispanic segment opportunity, understanding and serving Hispanic consumers, meeting Hispanic consumer needs based on financial behaviors, creating effective Hispanic marketing campaigns, and understanding Hispanic consumers and the media.
