Paysafe has transformed PagoEfectivo, its eCash brand, into a digital wallet to expand its presence in Peru.
The PagoEfectivo wallet allows users to instantly load funds, make online purchases, receive immediate payouts from participating merchants, transfer money to others, and pay using a code (CIP). The solution was in the Latin American eCash payments market initially, enabling consumers to transact online. Peruvians are already familiar with the platform and trust it for iGaming, digital goods, travel, and ecommerce online transactions.
More about Paysafe
With the launch, Paysafe aims to offer a more convenient way to pay, reflecting the company’s commitment to powering the experiential economy. Recently, Paysafe conducted a survey with Peruvian customers and found that 81% would utilise a digital wallet from PagoEfectivo, as they are already accustomed to the app. The new wallet will be initially available on Google Play for android users, which account for 86% of Peru’s smartphone owners, with iOS and new features coming soon. Additionally, users can win VIP experiences with Peru’s soccer teams, and cashback.
Paysafe has a PI licence in Brazil so it can operate as a regulated payment institution for the online spirts betting and gambling market. This expanded its presence into Latin America, allowing the company to offer its payment solutions to merchants across multiple sectors such as ecommerce, travel, and entertainment. The licence incorporated Brazil in Paysafe’s lift of regulated jurisdictions, including Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and Peru.
The move follows Paysafe’s partnership with Fiserv, which integrated Fiserv’s Clover Capital solution and Data-as-a-Service solution into Paysafe’s platform to strengthen its risk and fraud management and increase access to capital for SMEs. In the US, the two companies are working together to introduce a digital wallet within Fiserv’s Clover merchant network. This wallet will enable businesses to have quicker settlements and a comprehensive suite of banking services, all while improving the customer experience. This development represents an important milestone in the evolution of Paysafe’s business wallet platform, providing a solution focused on financial efficiency and scalability.
