The Netherlands-based online payment service provider PayU is expanding its solutions across Central America.
PayU is to double down on its presence in Central America with payment processing and payment card industry (PCI) compliance. Its latest territories include Guatemala, Honduras, El Salvador and Costa Rica.
These locations add to the 50-plus emerging markets in which the provider is already active.
Of course, Central America itself is one of the world’s fastest-emerging e-commerce markets. The region is forecast to deliver high growth over the next five years thanks to rapidly increasing financial inclusion and internet access.
International purchases remain particularly popular, and accounted for almost two-thirds of e-commerce in Panama and El Salvador in 2021. This growth, in combination with a young, digitally-native demographic, makes Central America a key strategic market for consumer e-commerce.
PayU will offer card processing for US dollars and local currencies including Lempira, Colon and Quetzal. This is in addition to full PCI compliance.
Security and anti-fraud capabilities are expected to be integrated, including authentication protocol 3DS Secure 2.0 and machine learning tools; deployed together to manage transaction risk.
Access to these markets is hoped to deliver revenue-generating opportunities for global and regional merchants using PayU’s payment solutions. Additionally, the expansion of its services will attract new merchants to Central America’s growing e-commerce landscape.
PayU is already active across Latin and Central America, including Panama, so this expansion bolsters an already strong regional offering.
Mario Shiliashki, CEO of PayU’s global payments organisation, recognises the expansion as an “important step in building a world without financial borders.”
He goes on to say that it “reflects our commitment to providing online payment experience for consumers in high-growth markets.”
“Especially in these economically challenging times worldwide,” continues Shiliashki, “we’re proud to be making fully compliant payment processing across Latin and Central America easier, while driving growth for international merchants through access to new markets and consumer segments.”