Global payment provider Paysafe announced the launch in Mexico of its online solution Paysafecash as an alternative payment method for customers who wish to use cash for online purchases instead of cards or bank accounts.
Through a barcode that is scanned at a payment point provided by the platform, the customer of online retailers who select this payment option and do not wish to expose their financial data through the Internet, will be able to purchase their products in a fast, agile and safe way.
The code can be stored in a mobile device or printed, which is scanned by the sales staff to quantify the amount to be disbursed in cash by the user at the points affiliated to the Paysafe platform.
Mexico: Fintech’s growth in two years is estimated at 90%.
Once the payment is made, the online store processes the order directly after the payment is made and then the goods are sent to the address provided by the user.
This solution may be accepted according to the official statement of the company in Mexico in 3,000 payment points, including popular points of sale in the country such as Farmacias del Ahorro, Extra, Circle K and K.
According to the company’s disclosure, they aspire to be present in more than 8,000 payment points by the end of 2020.
Paysafecash is currently available in more than 28 countries and with an estimated growth of e-commerce for the Aztec country of 20% from 2020 in the next four years, the company does not want to miss the opportunity to be present among the billions of U.S. dollars expected in revenue only by the local market for this activity.
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Regarding the announcement of the launch of the payment gateway, Udo Muller, Executive Director of Paysafecard said that „Paysafe’s prepaid eCash solution, paysafecard, has been available in Mexico since 2010. I am delighted that, 10 years later, we are now offering Mexican consumers an additional payment alternative. method that allows anyone to participate in the world of e-commerce. The growth of the e-commerce market in terms of users and revenues is very strong in Mexico and I am excited to be part of the growth story of the second largest economy in Latin America.
The Paysafecash electronic cash payment solution was launched by the company in 2018, and is part of Paysafecard’s global transaction volume of over USD 98 billion that moves in about 40 different currencies around the world, connecting businesses and consumers through over 70 types of online payments.
Fintech Growth in Mexico
Last June Cointelegraph reviewed the importance of Fintech growth in the Aztec country, which in two years has reflected a cumulative rate of expansion of 90%, according to the firm Legal Paradox.
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With more than 63% of the country’s population having access to the Internet and a thriving economy that strives to be the first in Latin America and a closeness to the most important economy on the planet, it is not surprising that Mexico’s great talent is a market reference in the financial technology sector and Blockchain is, as Paradox pointed out.
According to this firm, the ‚Payments‘ sector is the fourth most active segment on the map of the FinTech Tour of the Latin American country. Therefore, it is not surprising that we are seeing more and more solutions like Paysafecard’s introduced to the Latin country in the next years, in order to take prominence in an important local market niche.