A hindrance for merchants looking to enter the LatAm market can be the admin costs for setting up a local presence in the region. emerchantpay, a global payment service provider, now provides local payments acceptance for cross-border merchants and partners in eight Latin America countries: Argentina, Brazil, Chile, Colombia, Mexico, Paraguay, Peru and Uruguay.
The addition enables cross-border merchants and partners to accept popular local payment methods and domestic and international card schemes in the region.
The Brazilian eCommerce market alone was worth $112.4 billion in 2020, making it the largest in Latin America. In addition, domestic credit cards accounted for $54.1billion of eCommerce spend and payments vouchers and wallets combined accounted for $29.3billion. Alternative payment methods account for more than 20 per cent of digital payments across Latin America, making accepting the preferred payment options integral to attracting local consumers. Through emerchantpay’s solution, businesses can accept popular local payment options such as PIX, Boleto Bancario, Elo and Hipercard, as well as global payment methods such as Visa, Mastercard and Amex.
As part of the proposition, payments will be processed in the local currency and can be settled cross-border in the merchant’s currency of choice (i.e. USD, GBP, EUR, etc.) or in the local currency if preferred by a merchant. The solution is available across multiple industries, such as online retail, travel, digital goods and financial services.
“Having the flexibility to expand efficiently into this sought-after region with substantial eCommerce potential is critical for every organisation’s success in today’s economy. Launching our local proposition in Latin America offers further value-adding capabilities for customers and partners looking to tap into this region. We’re looking forward to enabling cross-border businesses to leverage our comprehensive payments solution and our many years of expertise in the local payment landscape,” says Andre Boesing, VP International Business Development.