UK FinTech Transact365 has launched its payments platform in Latin America, a move the company says makes it one of the region’s largest alternative finance platforms.
As Fintech & Finance News reported Thursday, February 17, the move allows for cross-border and local eCommerce transactions using local payment methods like PIX and Boleto, letting consumers make online transactions and giving merchants access to them.
The launch follows the FinTech’s rollout last month of cross-border payments in India. As PYMNTS reported at the time, that solution lets merchants access Indian markets without forming local payment partnerships or setting up a company in India, thus accessing a customer base of more than 1 billion people.
Latin American merchants can make bank transfers in local currencies and enable cash and non-card local payment methods for domestic and cross-border transactions. Transact365’s Latin American payment network includes Mexico, Brazil, Colombia, Ecuador, Peru, El Salvador and Costa Rica.
The company says its platform lets merchants benefit from B2B and B2C transactions and real-time payment confirmation capabilities, with “significantly reduced risk” of fraud or chargebacks once a Transact365 approves a transaction.
“Our ethos as a business has always been ‘Think Local, Go Global,’ and we are proud to be able to bring our platform to merchants across LATAM to help facilitate their growth,” said Dan Fernandez, the company’s chief executive officer. “Our launch in Latin America comes at a pivotal time for us at Transact365 – in less than five years since being founded, we are now one of the largest alternative payments platform in LATAM.”
This year could be a pivotal one for digital payments in the region, Spreedly vice president of solution and success Daniel Scagnelli told PYMNTS last month. He noted his company’s business in Latin America grew 100 percent between 2020 and 2021.
“There are markets or pockets of markets around the world where folks might be worried about pandemic recovery and how it impacts digital commerce, whereas in Latin America, the rocket ship has left the launch bay, and it is moving,” he said.