As more countries begin to open their doors to a regulated gambling framework, AstroPay believes that payment solutions can become a fundamental pillar for the development of the Latin American (LatAm) region.
Writing for Payment Expert, Mikael Lijtenstein at AstroPay explained that various countries across the region are seeing exponential rates of financial growth, and that there is a need for the payments industry to align itself with these changes.
LatAm has been high on the agenda for many companies looking to expand their global footprint, presenting a plethora of new opportunities for businesses.
Looking back over the last few years, the region has undergone a significant period of growth, especially with respect to the gambling industry. We’ve seen new countries introduce betting legislation, some mulling over the intricacies of their own regulations – but we would need a whole separate article to discuss these regulations in depth!
What must be considered when eyeing new opportunities in Latin America is that these aspects of regulation – and the subsequent changes and developments – definitely require payment companies to adopt a greater sense of adaptability.
When it comes to LatAm, payment companies truly need to understand that player preferences for cash or digital payment methods differ depending on which country you are in. It also depends on how developed the country is, in a financial sense. Rolling out a digital payment solution in a country where an overwhelming majority of players favour cash would almost be somewhat tricky.
That’s not to say that there are not growing opportunities for payment solutions within the LatAm region. As time goes on, the world is starting to lean more towards digital channels – something which can offer clients instant, easy and secure ways of paying for their goods and services. This trend, unsurprisingly, has been accelerated massively following the pandemic – LatAm has been no exception.
The market does offer a vast range of opportunities for those who are willing to take the time to understand the specificities of each country. To be successful within Latin America, one must fully comprehend socioeconomic factors as well as cultural challenges, traditions and player demands – while also having an idea of how to overcome these barriers.
At AstroPay, having grown steadily within the LatAm region, we believe that we have amassed a wealth of knowledge about the market, our customers and the intricacies we may face.
What we have found is that one of the biggest challenges that payment companies may face is ensuring that they are aligned with customers’ needs, countries regulations and new or trendy payment methods, in a timely manner.
One way in which payment providers can do this is by ensuring that demand for new services is accompanied by new options which can provide its users with a unique, useful payment method.
Providing clients with popular, high quality payment methods or solutions that are tailored-made to their needs is paramount. And this is the highest added value of AstroPay, which is based on a deep understanding, know-how and experience of the countries in which it operates.