The merger will result in the combining of both Paysafe’s eCash and open banking division, and executives will maintain high-level positions within the company. The news follows on from Paysafe’s recent announcement that it is also acquiring SafetyPay, another Latin American payment fintech. The expanded Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points once the SafetyPay merger is signed off later in 2021.
According to reports, PagoEfectivo was formerly a subsidiary of Empresa Editora El Comercio, (‘Grupo El Comercio’) and is a presence in Latin America in the provision of eCash and open banking payments that enable millions of consumers in the region. Latin America is home to a large population of unbanked citizens who have been underserved by incumbents, according to fintechmagazine.com.
PagoEfectivo, which was launched in 2009, provides payment options that are also used by consumers in neighbouring Ecuador. The company has plans to expand into further Latin American countries with its range of solutions merchants operating in the iGaming, digital goods, travel, and ecommerce industries amongst others.
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