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Business Reporter: Future of global payments: Paysafe addresses a fragmented landscape
Billions of consumers in Asia, Africa and Latin America are excluded from accessing online shopping. In Latin America, where cash is king, only 55% of the total population is banked and 40% of this group has a credit card. Without credit or debit cards, payment options are limited.
Paysafe aims to solve this problem of global inclusion by providing merchants with the ability to accept secure payments from global markets while mitigating costs and risks. This ensures that unbanked or unbanked consumers have access to affordable financial services that meet their needs. The global payment landscape is extremely complex and fragmented. There are cultural differences in payment methods, various regulatory environments and payment providers vary from region to region.
“The interconnectivity when you try to transact internationally is almost nil,” says Gustavo Ruiz Moya, CEO of eCash Latin America and Global Head of Open Banking at Paysafe.
Paysafe has a global reach, processing transactions in 120 countries. Paysafe also allows for multiple payment methods, including the ability to access real-time banking, purchase cards, convert cash to e-money for online payments, and provide wallets. Payments are all processed by the Paysafe network on behalf of the merchant.
The network that Paysafe has built, and its scale, offers the ability to offer a low-cost option to global merchants. It also makes it simple for merchants to expand their payment services and quickly integrate with the Paysafe network. The ultimate benefit is to help the merchant sell more by offering payment options to consumers.
“Once a merchant connects to the Paysafe network, we enable the ability to process and access new customer segments,” says Ruiz Moya.
Through its scale and global reach, Paysafe is driving financial inclusion, empowering merchants and consumers to connect. Paysafe’s financial inclusion strategy is to make its payments network more accessible to an increasing number of people, focusing on unbanked and unbanked consumers in the developing world.
Merchants seeking access to consumers around the world need to reach out to them and accept payments without incurring high costs and risks. Paysafe is addressing the costs and risks and constraints of a fragmented payments landscape, while expanding e-commerce and offering new payment options to consumers and merchants around the world. Through its multinational online payments network, Paysafe is also committed to meeting the global challenge of financial inclusion in the developing world, helping merchants grow and serve future markets.
“We are committed to providing global access and enabling new customer segments by providing payment gateways that cover the full spectrum,” says Moya. “We do real-time banking, card acquisition, digital money and wallets, all of which are of great value to merchants. In addition, we do everything at a reasonable cost and are compliant: we ensure there is a compliance process as we integrate a merchant into the network.”
For more information about Latin America, visit our website at New Payment Options in Latin America ┃Paysafe. For global solutions, visit our website at www.paysafe.com
Originally posted on Business Reporter