SafetyPay enables customers to make purchases directly from their bank account or with cash in their local currency and focuses on the travel industry, digital goods and merchants who are looking to sell internationally. The company provides access to bank customers in Europe, US, Canada and Latin America.
SafetyPay was launched in Peru in 2007 and is active in Mexico, Costa Rica, Brazil and Colombia. The company currently has partnerships with 84 banks in Latin America. Latin America has a fast growing e-commerce market. Total online retail sales in the region grew from USD 8 billion in 2006 to USD 43 billion in 2011, with an average annual growth rate of 41 percent.
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