Payments provider, PaySafe, is taking an early stride into the Peruvian market having agreed to takeover local alternative, and igaming payments platform, PagoEfectivo.
The firm described the purchase as a “strategic foothold in Latin America”, one of the world’s fastest-growing online markets, soon to join other countries in the region by regulating online gambling.
Paysafe’s model is based on enabling businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. It now looks to Peru, where merchants and consumers alike are demonstrating an increased appetite for alternative payment methods and online banking solutions.
PagoEfectivo, a subsidiary of Empresa, is a market leader in Latin America in the provision of eCash and alternative online banking payments, enabling more consumers in the region, many of whom are underbanked, to transact online. Founded in 2009, PagoEfectivo payment options are now used by millions of Peruvians as well as in Ecuador where it also operates. It specialises in iGaming, digital goods, travel and eCommerce.
The PagoEfectivo team, including CEO, Juan Fernando Villena, will join Paysafe post-merger.
This acquisition reinforces our strategy of investing in, and growing our core, specialized offering in payments processing, digital wallets, eCash and online banking solutions and gives us an important, strategic foothold in Latin America; a region which is expanding fast in eCommerce in general and specifically in the specialized vertical industries such as iGaming, travel, entertainment and digital goods which are very much our sweet spot,” said PaySafe CEO, Philip McHugh. “Our cloud-based technology stack and global enterprise relationships will only help accelerate PagoEfectivo’s very strong growth. We very much look forward to welcoming the PagoEfectivo team onboard.”