Prominent online payment service provider PayU is expanding into four new markets; Costa Rica, El Salvador, Guatemala, and Honduras.
They are already in 50 materializing markets with a goal of more expansion.
Mario Shiliashki, CEO of PayU’s Global Payments business, said, “At PayU, our mission is to build a world without financial borders where everyone can prosper. Our expansion into Central America is another important step on that journey. It reflects our commitment to providing consumers with the smoothest online payment experience in high-growth markets and merchants globally.”
“Especially in these economically challenging times worldwide, we’re proud to make fully compliant payment processing across Latin and Central America even easier while driving growth for international merchants through access to new markets and consumer segments.”
What services does PayU provide?
- Global payment solutions: grow sales in any country with one online payment solution providing access to hundreds of local and global payment methods through a single API
- Local payment solutions: payment processing and localized features in more than 50 emerging markets offered through PayU and their partners
- Financial inclusion through efficient credit: help users underserved by traditional finance to access credit online
- Investing in the future of finance: made over $5 billion in local and global investments across payments, credit, digital assets, and other areas of fintech
- Single connection to local and global online payment methods: lead in ranges of standard and alternative payment method options to help your business to reach more customers and enter new markets
- Fintech thought leadership: content and insights at the intersection of fintech, financial inclusion, e-commerce, and the digital economy.
In a recent conversation with Francisco Leon, PayU CEO, LatAm, he explains, “We are a B2B company; we provide payment services for merchants. We try to connect more consumers with more merchants across the globe and try to unify that experience.”
“We have a pay hub, a platform with one API connection, allowing any merchant worldwide to operate. The idea is to provide full service. Merchants need to focus on what they do, their core, their business, and we will do the rest in digital payments.”
Central America is a prominent e-commerce market, expected to deliver high growth over the next five years thanks to increasing financial involvement and internet access.
How popular are international purchases?
International purchases are particularly popular, accounting for almost two-thirds of e-commerce in Panama and El Salvador in 2021, according to PayU. This growth, in combination with a younger, tech-savvy demographic and a combined population of over 180 million people, makes Central America a key strategic market for consumer e-commerce.
“We must keep working very hard to expand our operations in Latin America. At this moment, we have seven countries with full payment service, which means that we are a PSP (a payment service provider) in those seven countries,” said Leon.
“We’ve just launched the four additional countries in Central America, where we have the first gateway to operate in US dollar and the local currency in four different markets. Those new countries become part of our footprint in Latin America.”
Access to these new markets will deliver exceptional revenue-generation opportunities to global and regional merchants already using PayU’s payment solutions and hoping to attract new merchants looking to take favor of Central America’s growing e-commerce.