Strengthening its footprint in the Latin American eCommerce market, Paysafe has announced the acquisition of SafetyPay.
The acquisition looks to unites SafetyPay’s network of bank connections in Latin America with the capabilities of Paysafe in order to bolster the consumer experience in the region.
Furthermore, as user trends have adapted following the pandemic and engagement in ecash from both merchants and consumers has grown, the combined offering will place a heightened focus on Paysafe’s digital wallet and gateway capabilities.
Philip McHugh, Paysafe’s CEO, commented on the deal: “We’re very excited by what SafetyPay adds to our group as part of our global real-time banking solutions.
“We believe that together we will find extensive cross-sell opportunities for online merchants who are looking to expand into new markets. We also see huge potential to offer SafetyPay solutions to some of our largest existing customers, particularly those looking for growth in fast-growing Latin America.”
It comes as Paysafe’s eCash business is able to offer its solutions in around 60 countries with over one million distribution points.
Gustavo Ruiz Moya, SafetyPay’s CEO, added on what the acquisition means to SafetyPay: “Becoming part of the Paysafe Group will help us build on SafetyPay’s leadership to date and accelerate our future growth.
“It’s also an immense opportunity being able to join forces with PagoEfectivo in Latin America, as well as the wider eCash team, to exploit the many opportunities we see as the nascent open banking ecosystem continues to open up across the continent.”