Future of global payments: Paysafe addresses a fragmented landscape

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Billions of consumers in Asia, Africa and Latin America are excluded from access to online shopping. In Latin America, where cash is king, only 55 per cent of the total population is banked and 40 per cent of that group has a credit card. Without credit or debit cards, there are limited payments options.

Paysafe is aiming to solve this global inclusion problem by providing merchants with the ability to accept secure payments from global markets while mitigating cost and risk. This ensures unbanked or underbanked consumers have access to affordable financial services that meet their needs. The global landscape for payments is extremely complex and fragmented. There are cultural differences in payment means, various regulatory environments, and payment providers vary from region to region.

“The interconnectivity when you try to do cross-border transactions is almost nil,” says Gustavo Ruiz Moya, CEO for eCash Latin America and Global Head of Open Banking at Paysafe.

Paysafe has global reach, processing transactions in 120 countries. Paysafe also enables multiple payment methods, including the ability to access real-time banking, card acquiring, converting cash into e-cash for online payments, and providing wallets. The payments are all processed by Paysafe’s network on behalf of the merchant.

The network Paysafe has built, and its scale, provides the ability to offer a lower-cost option for global merchants. It also makes it simple for merchants to expand their payment services and integrate quickly into the Paysafe network. The ultimate benefit is to help the merchant sell more while offering payments options to consumers.

“Once a merchant connects to the Paysafe network, we enable the capability to process and access new customer segments,” says Ruiz Moya.

Through its scale and global reach, Paysafe is driving financial inclusion by empowering merchants and consumers to connect with each other. Paysafe’s financial inclusion strategy is to make its payments network more accessible to an increasing number of people by focusing on unbanked and underbanked consumers in the developing world.

Merchants looking for access to consumers around the world need to reach them and accept payments without incurring high cost and risk. Paysafe is addressing cost and risk and the constraints of a fragmented payments landscape, while expanding e-commerce and providing new payment options for consumers and merchants globally. Through its multinational online payments network, Paysafe is also committed to tackling the global challenge of financial inclusion in the developing world by helping merchants grow and serve future markets.

“We are committed to providing global access and enabling new costumers’ segments by providing payments means that cover the whole gamut,” says Moya. “We do real-time banking, card acquiring, cash into digital, and wallets, all of which are of great value for merchants. Plus, we do it all at a reasonable cost and are compliant: we make sure there is a compliance process as we integrate a merchant into the network.”

For more information about Latin America, please visit our website at New Payment Options in LATAM ┃Paysafe. For global solutions, please visit our website at www.paysafe.com

Originally published on Business Reporter