UK specialised payments platform Paysafe has entered an agreement to purchase alternative payments platform PagoEfectivo for an undisclosed fee.
According to Paysafe, the acquisition will give the company a strategic foothold in the Latin American market as the firm looks to expand its eCash business on the continent. Paysafe also highlighted that the recent purchase is a result of an increased appetite for alternative payment methods and online banking in Latin America.
Juan Fernando Villena – CEO of PagoEfectivo – will join Paysafe as part of the agreement. The deal is expected to close at the end of August this year.
Launched in 2009, PagoEfectivo facilitates alternative payment methods for its users and offers online banking solutions to customers in Peru and Ecuador.
The company’s platform enables merchants to accept online eCash payments through the use of a reference code.
Paysafe claims it has facilitated $92bn worth of transactions in 2020 and to date offers 70 payments types in over 40 global currencies.
Paysafe recently teamed up with Microsoft to enable consumers to make online cash payments on the Microsoft Store on Xbox.
According to Paysafe, the deal will see it deploy its paysafecard solution to customers in 22 European countries including the UK, Spain, France, Belgium, Ireland and Germany.
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