Virtual Pay International, a leading global payment solutions provider, announced the rollout of its cutting-edge LATAM local Card and Alternative Payment methods on Monday.
The company notes that its latest offering introduces various features aimed at streamlining payment processing, enhancing security measures, and broadening access to a diverse customer base in Latin America.
"We are thrilled to introduce our innovative LATAM Payment Methods to our esteemed merchants. This launch signifies a significant milestone in our commitment to fueling the growth of businesses in the region. Virtual Pay International aims to empower merchants by offering their customers a seamless and convenient payment experience, expanding their reach across Latin America," said Virtual Pay International's CEO, David Morema, as per News File.
A notable highlight of the solution is its comprehensive integration of popular local payment methods favored by the Latin American populace. These include credit and debit cards, digital wallets, and an array of bank transfer options like Boleto, SPEI, and PIX. The solution provides businesses with access to a comprehensive, real-time reporting and analytics dashboard.
Additionally, the platform seamlessly integrates with existing e-commerce systems, cashier systems, and payment gateways. Virtual Pay International has also implemented state-of-the-art encryption protocols and fraud detection mechanisms. These robust security measures work to safeguard sensitive customer data.
The payments ecosystem in Latin America
The payments ecosystem in Latin America is rapidly evolving, but it faces two key obstacles. The first is country-by-country fragmentation, and the second is the low penetration of payment cards and digital payments.
In 2023, the payment methods in Latin America underwent significant changes, impacting businesses in various ways. The rise of digital payments, particularly through mobile technologies, has been a notable trend, as per Forbes.
Additionally, the reduction in merchant fees and the increase in peer-to-peer payment options have also been beneficial. A report from Americas Market Intelligence suggests that the growth of instant bank transfers, projected to increase by more than 40% annually through 2026, has been good news for the payments industry and the economy.
However, there have been challenges associated with these changes. One of the major issues has been the low acceptance of cards through Point of Sale (POS) systems, estimated at just 26% among formal and informal businesses in Latin America.
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