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AstroPay plans to issue Visa debit cards in Peru as part of its growth plans for Latin America.
The digital payments company, best known for its online payment solutions, hopes its new service will attract Peruvian unbanked people into the world of financial access.
This ambition is largely achieved through the company’s convenient service offerings.Card issued by Lima-based EMI Tebuka Perusupports online payment capabilities through its partnership with Visa, and payments are compatible with various cashback schemes.
As Michael LitensteinIn an Em Conversa series last month, the company’s CEO said part of the company’s success in serving the unbanked was its ability to understand and respond to local needs, cultures and customs. Told.
These “issues” form the basis of the company’s “tailored payment experience,” Lijtenstein said, adding that such processes include “consumer preferences and the most popular methods and providers. It acknowledges that “detailed research work is needed to understand the
By issuing Visa cards, AstroPay intends to open the gateway to Peru’s digital economy and digital payments. The service will run alongside AstroPay’s existing operations domestically, including allowing consumers to make online purchases on international sites.
Peru forms the next piece of the puzzle in AstroPay’s ongoing expansion into Latin America (LatAm). This is what the company is targeting because of the “rapid growth and development of the payment industry.”
The country has historically relied heavily on the use of cash, but like most of the surrounding region, it is slowly but surely adopting technology around digital payments.
It is estimated that 44% The country’s population currently lacks access to a bank account, well behind neighboring Chile’s 13% and Bolivia’s 32%.
When it comes to smartphone penetration, the data suggests: Peru’s mobile economy It could reach 70% by 2025. In other words, Peru is not the least responsive to the Latin American region’s digital payments industry, but market opportunities to improve payment services remain.
On top of all this, the country is still in deep social and political turmoil. The ouster of the country’s former president, Pedro Castillo, saw demonstrations calling for his reinstatement in early December, but this narrative of nationwide outrage now follows the call of the country’s former vice president, Dina Volarte. It has reached Castillo by rule by order to resign. Protesters are also calling for the closure of parliament and the start of new elections.
The situation is so serious that authorities have announced the indefinite closure of Machu Picchu. Machu Picchu is the crowning jewel of Peru’s tourism industry, attracting one million visitors a year.
It is unclear how this disruption will directly affect the country’s payment environment, or how it will embrace the introduction of new payment methods such as those offered by AstroPay here.
despite this, Guillermo Dotta“This is a great opportunity for AstroPay to strengthen its position as a major player in Peru’s growing payments industry,” explained the company’s CTO and CPO.
Building on our existing operations in the country, we will not only offer existing and new users a simpler experience with finances, but also a frictionless experience for unbanked customers looking to enter the financial system. It provides an experience like no other, commented Dotta.
This launch is part of our ongoing effort to provide simple, secure and convenient solutions tailored to meet the needs of our loyal customers across Latin America.
The widespread acceptance of visas in Peru is expected to ensure a successful launch of the card. The Visa prepaid card allows the user to shop at any site that accepts her Visa worldwide and allows the user to pay in both US dollars and Peruvian soles.
The company plans to expand its prepaid card product to different regions, having previously launched the product in the UK and now Peru. Our next goal is to target Brazil, Mexico, and Argentina to expand to the rest of Latin America.
Gilberto ChaparroVisa, General Manager of Visa Peru, commented:
We congratulate our collaboration with AstroPay for developing a solution that allows more Peruvians to access fast, secure and convenient payments.
Similarly, the creation and implementation of innovative payment solutions, hand in hand with fintech, will allow us to contribute to the development of a more inclusive economy in the country.
