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Pay Retailersis a paytech expert in online payments in Latin America, with a localized presence and operations in over 12 countries in the region.
Fintech growth in Latin America is driven by Latin American demand for greater access to new financial services and the growing number of global companies operating in the region, leading to regulated digital We are driving the transition to a new culture of payments. Open finance is an important step towards a comprehensive and efficient payments ecosystem.
Colombia, Mexico and Chile are three of the largest markets in terms of size and fintech influence in the region. They are the birthplace of several technological unicorns and the most active in terms of public policy towards developing and regulating new technologies, including payments as a vertical for the fintech phenomenon.
New players in the economic markets are changing the traditional financial landscape in Latin America. Thanks to new technologies, payment platforms such as PayRetailers are shaping a new scenario for more and more global businesses to integrate payment processes into their user experience.
PayRetailers has local operations in over 12 countries in LATAM. We work with financial institutions and fintech associations to create local payment solutions to drive international business expansion and growth.
In today’s Latin American financial ecosystem, payment systems are becoming more and more robust thanks to the hybrid capabilities offered by payment platforms. Industry and authorities are taking action to overcome regulatory hurdles related to cultural barriers and further strengthen interoperability in the region.
In recent years, financial inclusion in Latin America has become a regional priority. As with the rest of the digitally-based ecosystem, the demand for digital contactless payments, the growth of already omnichannel merchants, and merchant alternatives are forced into the digital world after the pandemic. By doing so, it accelerated. As a result, the entry of new players in the form of fintech has accelerated.
In Colombia, a particular demand for the Fintech ecosystem is the drastic change in the habits of Colombians. Today, three-quarters of transactions are conducted through digital channels.
Country Manager at PayRetailers in Colombia, Juan Francisco Schulze explain Central Bank of Colombia (Banco de la Repblica) is working to launch an instant payment system like a Brazilian bank. PIXThis is a game-changer that allows PayRetailers to enhance their local product offerings and further support merchants to earn greater returns from their operations and investments.
As a provider of digital payment solutions, PayRetailers can be defined as a means to consolidate and facilitate access for more Colombians to previously inaccessible businesses.
We offer a full range of online payment options that promote not only financial inclusion but also universal access to options and the supply of goods and services that people need.
We work locally with any entities and payment methods required to achieve the best possible conversions and payment methods for our merchant clients.
In Mexico, a law regulating financial technology institutions, commonly known as the fintech law, became the first on the continent to come into force in 2018. The law establishes open banking or open finance and promotes transparency in the flows and types of data circulating in the financial ecosystem. This will be a major catalyst for financial inclusion in the years to come.
Diego SuarezAs Country Manager for PayRetailers in Mexico, explains:
Mexican fintech law stipulates that individual transaction data of users can only be shared with explicit authorization, and pays particular attention to security mechanisms in the event of any kind of database breach. increase.”
These new access to non-bank financial information are ideal for Latin America, as it is a region where consumer financial patterns differ from traditional banking models.
In addition to helping financial innovators gain a broader view of people’s actual financial behavior and needs, companies’ potential customer bases will increase and their ability to develop more relevant and customized services. improve.
Chile also took a big step forward in its regulatory progress this year. Carlos Ballas, Country Manager for PayRetailers in Chile explains: At the height of the diffusion and consolidation of innovation in this industry, it is possible to proceed with the promulgation of the Fintech Law establishing Chile’s financial system as open finance. “
Mexican fintech law stipulates that individual transaction data of users can only be shared with explicit authorization, and pays particular attention to security mechanisms.
PayRetailers provides instant access to the continent’s most popular payment methods. Oxo in Mexico, web pay in Chile, effect PIX in Colombia, PIX in Brazil.
This allows Latin American users to enter the financial system without relying solely on banks. International merchants in industries such as e-commerce, retail, travel, financial services, e-learning, and gaming can achieve the highest conversion and acceptance rates as well as the highest transaction efficiency.
PayRetailers makes all major traditional and non-traditional payment methods available to our customers and end-users in every market we operate in. We have relationships with local card operators, online bank transfers, vouchers, and cash collections. By consolidating all region-related payment methods into a single connection, merchant customers can create a comprehensive and effective payment strategy.
Cash payments continue to be the most widely used local means of payment in most Latin American countries. Integrating APM into online transaction flows as a hybrid alternative presents a great opportunity to leverage digital techniques.
Depending on the country and industry, the most commonly used digital payment method may change from APM and online bank transfers to credit cards. PayRetailers consolidates all your choices into a single solution. Agility, timing, and security of the payment process are key factors in achieving high conversion rates.
Recent figures in Chile show 25.3 million debit cards issued with 15.5 million in motion, a 20% increase from 2021. These figures reflect Chile’s trend towards widespread use of cards, especially debit cards, as the most used payment method.
After years of doing business with single acquirers like Transbank, today we see how new acquirers are emerging, such as: Santander Bank, Banco BCI, Banco Estard, Mercado Pago, kushkisays Varas.
The use of digital wallets is also expanding in Chile. Smartphone penetration in the Chilean population is high, with over 25 million devices and his over 20 million accessing the network. The proliferation of digital wallets not only provides users with value-added services such as remittances, savings and payment for services, but also provides an industry means of payment for Chile’s digital population.
In the opinion of Juan Francisco Schultze, country manager of PayRetailers in Colombia, the key to the exponential adoption of digital wallets is the rapid migration of online commerce to mobile devices. Other payment methods, such as software POS “soft POS”, are accelerating the pace of change in payer habits and needs.
Schhultze continues: These markets have boosted Latin American e-commerce sales from $36.9 billion in 2016 to his $115 billion in 2021. “
Diego Suarez commented on developments in Mexico. he said: Payments at self-service shops such as OXXO, and referral-linked payments continue to be the most popular and in-demand payment methods in the country, arguably despite the strong trend towards e-wallets and neobanks. You will experience exceptional prices. growth over the next few years. “
Colombia has seen a 195% annual increase in digital wallet financial transactions since 2021.
All of these payment solutions are built and provided by PayRetailers. This allows merchants to operate cross-border models to replicate the success of their global operations in emerging markets in Latin America.
PayRetailers has local experts in each country where they operate. Each has a thorough understanding of local market peculiarities, including economics, compliance regulations, cultural context, consumer habits, and consumer payment preferences.
A true understanding of the market can make the difference between success and failure for merchants looking to expand globally. Having an experienced local partner such as PayRetailers is a key factor in taking a step towards success in Latin America.
