Following their expansion to Ghana, PayU’s strategy targets Guatemala, Honduras, El Salvador, and Costa Rica. The company will offer card processing for USD, but also for local currencies, including GTQ (Guatemalan Quetzal), HNL (Honduran Lempira), SVC (El.Salvador Colon), and CRC (Costa Rican Colon).
PayU will provide full PCI compliance services, along with online security capabilities and anti-fraud protection that will be integrated. Those include 3-D Secure 2.0, and machine learning tools established to manage transaction risks.
Currently, Central America is a growing ecommerce market. Considering increased financial inclusion and a higher degree of internet access, it is expected for the region to further develop in the next five years. International purchases are used frequently, representing almost two-thirds of ecommerce in Panama and El Salvador in 2021, according to data cited by PayU in the official company press release.
Following this expansion, the access given to these markets will deliver revenue-generation opportunities to regional and global merchants that are already using PayU’s payment solutions. According to the CEO Mario Shiliashki, this will attract new customers looking to benefit of Central America’s growing ecommerce landscape.
PayU represents the e-payment and fintech business of Prosus, Netherlands-based global investment group. The payment service provider is active across other parts of Central America, including Panama, and over Latin America as well.
In 2022, PayU concentrated on different geographies, such as Ghana and India.
In June 2022, PayU announced its expansion to Ghana, introducing new offerings, including PayFlex in South Africa, Scan to Pay and Pay by USSD capabilities in Nigeria. As explained at the time, the expansion marked a strategy to introduce alternative payment methods aimed at enlarging the platform’s merchant base. They also integrated more businesses, and devised plans to boost financial inclusion and digitalisation across the continent.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now