Prometeo launches Payment API for LATAM, fueling further interest in the region
Prometeo, one of the largest Open Banking API platforms in Latin America, has announced the launching of its payments API that would help the businesses in the LATAM market to handle payments and money management as well.
LATAM market is fast emerging as a hotspot for global players to look into and the digital payments industry, especially, has been growing over the last couple of years. More and more players are entering into this market in the payments space as the entire region tries to crystalize itself into something like the Euro region. Of course, there is a long way to go before the processes across various countries in this region begin to standardize and the markets begin to open up but the players are beginning to position themselves for it.
“The financial sector and the array of payment options in LATAM must be modernized as cash is still king. Prometeo tackles these issues and provides key infrastructure for financial companies operating across the financially underserved region,” stated Ximena Aleman, co-founder, and co-CEO at Prometeo.
There have been efforts to modernise as well as standardize the way payments and business is done and if and when the region manages to do that, it would be a huge market for companies to tap into. Companies like Prometeo are trying to achieve that by promoting their APIs across this region so that the connectivity between the banks and the businesses becomes faster and more reliable. The payments system then becomes automated and this makes the entire system more efficient in due course of time.
The pandemic has led to the massive growth of the digital payments industry as people are forced to use these types of payments for all services that they opt for. Once people begin to cross the digital divide, they begin to realize the ease of doing purchases and companies also realize the ease of doing business. This crossing of the divide has happened during the pandemic period which has helped the payments industry grow.
The payment companies would be expected to add more upgrades and features to their products as the race to capture the market has begun and only by adding attractive offers and features, the providers would be able to capture the market. The regulators would also be watching this market very closely as any kind of massive growth brings with it some regulatory issues as well.
