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PayRetailers intensifies its activity in LATAM

Tuesday 10 May 2022 12:27 CET | News

Spain-based fintech PayRetailers has further expanded in LATAM to serve strategic markets and innovate alongside financial service providers.

Payment technology solutions have found fertile ground for expansion in Latin America, given the lack of financial inclusion in the region, which has put companies in this industry in a favourable business position. Latin America is home to around 300 million digital shoppers, which is expected to grow by more than 20% by 2025, according to the press release.

Given the opportunities in the region, the company continues to extend its team and technology to build an inclusive payments infrastructure. Recently, the fintech acquired two online payment platforms, Paygol of Chile and Pago Digital of Colombia. The agreement gives Paygol and Pago Digital access to PayRetailers’ technical expertise, marketing resources, and financial investment to grow at a scale.

As new technologies such as cryptocurrencies or the metaverse take hold, fintech organisations have more significant challenges as part of the fourth industrial revolution, says PayRetailers. According to a survey published in January 2022 by VISA, the growth of the fintech ecosystem in Latin America can be confirmed by taking into account the 52% increase in financing to the sector.

To meet the demand, during 2022, fintech and non-banking companies have been launching solutions such as ewallets, credit cards and prepaid cards, especially in underserved markets. Digital payments, including through new forms such as QR codes, instant payments, or contactless payments, should proliferate among buyers and sellers.


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Keywords: fintech, expansion, growth markets, acquisition, financial inclusion
Categories: Payments & Commerce
Companies: PayRetailers
Countries: Latin America, Spain
This article is part of category

Payments & Commerce

PayRetailers

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