IC Markets expands alliance with Paysafe in Latin America

abdelaziz Fathi

Sydney-based IC Markets, an online provider of FX services and ECN trading capabilities, and global payments platform Paysafe announced the expansion of their existing partnership into Latin America.

Since 2018, Paysafe and IC Markets have inked a payments partnership, enabling the multi-asset broker to integrate Paysafe’s payments API and offer a wide range of payment options. The alliance covers digital wallets and locally preferred methods, to IC’s traders in Europe.

Building upon this collaboration, the expanded agreement now allows IC Markets’ traders in Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, and Peru to access Paysafe’s diverse portfolio of payment options for funding their forex trading accounts. This includes digital wallets like Skrill and NETELLER, as well as other local payment methods such as real-time bank transfers.

Latin America has garnered significant interest due to factors such as its growing population, increasing smartphone adoption, and rising digitization. As a result, there is a growing demand for financial services and alternative payment solutions from consumers in the region. The retail forex trading market holds particular interest in Latin America, and Paysafe’s expertise in compliance and regulatory matters in the region has facilitated the integration process.

“We’re delighted to be expanding our multi-year partnership with IC Markets and facilitating their move into Latin America where we can offer our entire suite of products, including some of the most popular forms of local payments such as bank transfers. The region is growing rapidly, and we look forward to seeing IC Markets thrive there,” said Robert Gatto, Chief Revenue Officer at Paysafe.

Paysafe has been expanding its presence in the payments space for Latin America by offering its Paysafecash online cash, or eCash, solution as a payment method for customers in the region.

For Paysafe, this latest expansion is a strategic foothold in Latin America as the firm looks to expand its eCash business in the continent. It also enables further scale and cross-selling opportunities for the company in this high-growth market.

The development follows Paysafe’s recent acquisition of SafetyPay, one of Latin America and Europe’s leading digital alternative payment platforms. The UK-based payments platform also highlighted that the purchase, which came shortly after the takeover of Peruvian platform PagoEfectivo, is a result of an increased appetite for alternative payment methods and online banking in Latin America.

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