We’re excited to announce emerchantpay’s latest addition to our global payment solution, providing local payments acceptance into the Latin America (LATAM) region to cross-border merchants and partners. More specifically, the addition enables international businesses to accept popular local payment methods and domestic and international card schemes in eight countries within the sought-after LATAM region.
The Brazilian eCommerce market alone was worth $112.4 bn USD in 2020, making it the largest in Latin America. Additionally, domestic credit cards accounted for $54.1bn of eCommerce spend and payments vouchers and wallets combined accounted for $29.3bn according to Statista. Research from GlobalData highlights that alternative payment methods account for more than 20% of digital payments across Latin America, making accepting the preferred payment options integral to attracting local consumers.
By leveraging emerchantpay’s solution, cross-border merchants and partners can expand into Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru and Uruguay and operate there locally, without having a local presence, significantly minimising admin costs for businesses. Through our solution, businesses can accept popular local payment options such as PIX, Boleto Bancario, Elo and Hipercard, as well as global payment methods such as Visa, Mastercard and Amex.
As part of the proposition, payments will be processed in the local currency and can be settled cross-border in the merchant’s currency of choice (i.e. USD, GBP, EUR, etc.) or in the local currency, if preferred. The solution is available across an array of industries, such as online retail, travel, digital goods and financial services.
“Having the flexibility to expand efficiently into this sought-after region with substantial eCommerce potential is critical for every organisation’s success in today’s economy. Launching our local proposition in Latin America offers further value-adding capabilities for customers and partners looking to tap into this region. We’re looking forward to enabling cross-border businesses to leverage our comprehensive payments solution and our many years of expertise in the local payment landscape.”Andre Boesing | VP International Business Development at emerchantpay
Want to find out how we can help your organisation accept payments in Latin America? Get in touch with our payment specialists today.