Paysafe launches its eCash payment solution in Argentina

abdelaziz Fathi

Paysafe is 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 Argentina.

paysafe

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 recent purchase, which comes 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.

SafetyPay, founded in 2007, facilitates consumer and merchant e-commerce transactions, excluding common issues linked to traditional payment methods through a suite of B2C and B2B solutions. SafetyPay offers a secure method of e-payment that allows cash sales to end users who want to pay through their bank account or in cash without a bank account via sales channels, such as e-commerce or call centres.

Chirag Patel, President Digital Wallets at Paysafe, commented on the launch: “We’re excited to be operating again in Argentina, where eCommerce and online financial services are growing rapidly while the population remains underserved in terms of cards. We see great potential here to help our international merchant partners provide the right payments options for their customers and make more transactions.”

The enlarged Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points.

The deal with SafetyPay saw the latter’s staff, including chief executive Gustavo Ruiz Moya, join the Paysafe. The two companies will continue to operate independently until the deal becomes official. But upon completion of the acquisition, the SafetyPay team will transition into Paysafe’s eCash and online banking solutions’ team. At that time, SafetyPay’s CEO will head Paysafe’s eCash business for Latin America and assume the role of global head of open banking.

The recent deals represent the latest step in Paysafe’s expansion roadmap. The payments giant finalized its SPAC merger with Foley Trasimene in April, allowing it to go public on the New York Stock Exchange.

Read this next

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<