The Future of Global Payments in a Fragmented Landscape

Paysafe is a Business Reporter client.

Today, some 1.7 billion consumers in Asia, Africa and Latin America are excluded from access to online shopping. In Latin America, where cash is king, only 55% of the population is banked and just 40% of that group has a credit card. Without a credit or debit account, payment options are limited.

Paysafe aims to solve this global financial inclusion problem by providing merchants with the ability to accept secure payments from global markets while reducing cost and mitigating risk, ensuring that 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 many payment providers and processes that vary from region to region. 

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

Paysafe has global reach, processing transactions in 120 countries, and enables multiple payment methods, including the ability to access real-time banking, along with card acquisition and conversion of cash into e-cash for online payments and wallets. Paysafe’s network processes all payments on behalf of the merchant. 

Paysafe provides a lower-cost option for global merchants, and it is simple for them to expand their payment services and integrate quickly into the large-scale Paysafe network. The ultimate benefit for the merchant is to offer more payment options to consumers, reach new markets and sell more products and services. 

“Once a merchant connects to the Paysafe network, we enable the capability to process and access new customer segments,” says 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, 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 committed to tackling the global challenge of financial inclusion in the developing world by helping merchants grow and serve emerging markets. 

“We are committed to providing global access and enabling new customer segments by providing payment 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 New Payment Options in
LATAM┃Paysafe. For global solutions, please visit paysafe.com.

This article originally appeared in Business Reporter.

Main image: iStock id1195693419