European fintech payabl has integrated four new payment methods in Latin America, indicative of the growing financial value and power of the region.
The company announced today (5 June) that Brazil’s PIX and Boleto and Mexico’s SPEI and OXXO have been added to its portfolio of local Latin American payments methods.
This will significantly expand its reach in Brazil and Mexico, two of Latin America’s biggest financial markets with respective populations of 215 million and 127 million and the eighth and twelfth largest global economies by GDP.
“Launching these new payment solutions in Latin America reinforces our commitment to driving growth for merchants,” said Igor Skachkov, CPO at payabl.
“Providing consumers with their preferred payment method at checkout not only improves the overall customer experience and satisfaction but also increases conversion rates for merchants.
“Our commitment to transforming the payment landscape supports the digital transformation of local economies and positions us at the forefront of commerce innovation in LatAm and around the world.”
Integration of PIX and SPEI showcases the importance of Central Bank-managed instant payments platforms in Latin America. The two systems are the respective payments platforms of the Central Bank of Brazil and Central Bank of Mexico.
PIX is a particularly notable success story, having taken over debit and credit cards as the most widely used payments method in Brazil for both consumer and business transactions after launching only a few years ago in 2020. The Central Bank is now considering a wider international rollout of its payments system.
Integration of Boleto (Brazil) and OXXO (Mexico) also demonstrates the popularity of alternative payment methods in these two nations. The systems are a pre-filled voucher and cash voucher system, widely used in both markets.
payabl hopes to capitalise on growing opportunities in the Latin American fintech sector. The space has been observed by some – such as Jeremy Baber, CEO of card issuing company Lanistar – as ripe for growth over the coming years.
Making its own projections, payabl has cited the Beyond Borders report. This report estimates the Latin American digital economy to reach $944bn in value by 2026, driven by young, tech-familiar populations in countries like Brazil, Mexico, Colombia and Peru.
