Barcelona, Spain–(BUSINESS WIRE)–Payment technology solutions have found fertile ground for expansion in Latin America given the lack of financial inclusion in the region, which in turn has placed companies in this sector in a favorable business position. Latin America is home to approximately 300 million digital buyers, a figure that is expected to increase by more than 20% by 2025.
PayRetailers, LATAM Fintech’s leading payments specialist, has announced the opening of new offices in Peru, a move that will help the company get closer to its customers and consolidate its presence in one of the fastest growing markets. faster. Additionally, it will enable the company to serve strategic markets throughout Latin America and innovate alongside dynamic financial service providers to deliver differentiated and innovative digital experiences to its customers.
Given the myriad of opportunities in the region, the company continues to expand its team and technology to build a robust and inclusive payment infrastructure. With a broad offering of card payment solutions and local alternative methods for global businesses expanding into Latin America, PayRetailers today has teams of over 20 different nationalities and operations in over 15 countries across Europe and from Latin America.
New strategic acquisitions in the region
The company recently acquired two online payment platforms, Paygol from Chile and Pago Digital from Colombia. Both acquisitions reinforce PayRetailers’ broad and deep drive to unlock the potential of e-commerce payments in Latin America. The agreement gives Paygol and Pago Digital access to PayRetailers’ extensive technical expertise, marketing resources and financial investment to grow at scale.
Understanding the complexities and challenges specific to the continent’s markets is one of the biggest challenges that companies looking to expand their operations in the Latin American market must face. The acquisitions strengthen PayRetailers’ position as the leading Fintech payments specialist for Latin America and efforts to simplify B2B e-commerce in the region.
Paygol CEO Carlos Varas said, “Paygol believes passionately in the power of local knowledge to cross international borders. It’s a notion we share with PayRetailers as we move forward together to truly unlock the potential of e-commerce businesses in Latin America.
William Talero, CEO of Pago Digital, said, “Pago Digital was founded on a vision of simple and accessible online payments. We’ve come a long way in 10 years and now we’re excited to take it to the next level with PayRetailers: sharing technology, experience and expertise to offer our customers even more opportunities.”
Royal Park Partners acted as exclusive financial and strategic advisor to PayRetailers in the acquisition of Pago Digital.
Challenges Fintech Companies Face for the Sake of Financial Inclusion in Latin America
The Fintech ecosystem in Latin America is doing better year after year; in 2020, there were nearly 1,500 parties, including startups, regulators, and traditional businesses, such as banks. As new technologies such as cryptocurrencies or the metaverse take hold, these organizations face greater challenges as part of the fourth industrial revolution.
According to a survey published in January 2022 by VISA, the growth of the Fintech ecosystem in Latin America can be confirmed by taking into account the 52% increase in funding to the sector.
Latin America had the fastest growing e-commerce retail sales boom in the world in 2020. In Mexico, e-commerce brought in nearly 316 billion pesos ($15 billion) over the last year, which represents an annual growth of 81% and 9% of the total. retail sales, according to the Mexican online retail association AMVO. The pandemic has shown Mexico what it means to be unprepared for the future, bringing major changes to the daily lives of Mexicans, living in a reality where going out on the streets was no longer an option for many people.
To meet demand, in 2022 Fintech and non-banking companies launched solutions such as e-wallets, credit cards and prepaid cards, especially in underserved markets. Digital payments, including through new forms such as QR codes, instant payments or contactless payments, are expected to proliferate among buyers and sellers.
Also noteworthy are the regulatory updates and adoption of the blockchain ecosystem in Chile, Argentina, Brazil, Colombia, Costa Rica, El Salvador, Mexico, and Venezuela. El Salvador becomes the first country in Latin America to adopt Bitcoin as its official currency from September 7, 2021, a movement that is gaining momentum throughout Latin America. As regulation matures around the world, Latin America is proving to be a thriving ground for blockchain development.
With a focus on expanding its customer base and exponentially increasing its product reach over the next decade, PayRetailers aims to strengthen verticals such as digital services and e-commerce. Its strategy has allowed it to offer services and occupy spaces not served by traditional payment providers, a player to watch closely in the years to come.
PayRetailers is a leading online payment service provider dedicated to creating a quick and easy checkout process for merchants and shoppers. The company offers a full suite of payment solutions to help e-commerce businesses accept payments online through a single API integration.
A clear understanding of consumer behavior and spending in their specific industry will make the difference between success and failure for merchants looking to expand internationally in certain e-commerce verticals. By accepting local payment methods, PayRetailers allows anyone to shop online, even if they don’t have a credit or debit card.
PayRetailers is headquartered in Spain, with regional offices in Mexico, Argentina, Brazil, Chile, Colombia, Uruguay and Peru.