‘Expansion of Payment Methods in Latin America by Payabl’

payabl., a leading PayTech company in Europe, has announced the integration of four major local payment methods in Latin America – PIX, Boleto, OXXO, and SPEI – into its range of local payment options. This strategic move aims to enhance coverage across the region and assist merchants in boosting their business growth with accessible and localized payment solutions.

Latin America presents a significant opportunity for digital payments, with the region’s digital economy expected to reach 4 billion by 2026, according to the Beyond Borders report. This growth is driven by a young, tech-savvy population, leading countries like Brazil, Mexico, Colombia, and Peru to experience annual eCommerce growth rates of around 30%.

PIX and SPEI, developed by the Central Bank of Brazil and Central Bank of Mexico respectively, allow consumers to make online payments via bank transfer through APIs. Boleto, a pre-filled voucher accepted at checkout, and OXXO, a cash voucher system utilized at numerous outlets in Mexico, further diversify the payment methods available to consumers in the region.

Igor Skachkov, CPO at payabl., highlighted the significance of launching these new payment solutions in Latin America, emphasizing the company’s commitment to driving growth for merchants. By offering consumers their preferred payment method at checkout, payabl. aims to enhance customer satisfaction and experience while boosting conversion rates for merchants. This initiative supports the digital transformation of local economies and positions payabl. as an innovator in commerce in Latin America and beyond.

As payabl. expands its global presence, it remains dedicated to supporting the growth of the digital economy by providing merchants with the necessary tools to navigate the evolving payments landscape. This expansion not only involves adding more than 300 local payment methods to its portfolio but also focuses on empowering merchants and consumers to actively participate in the digital economy.