Paysafe has rebranded its eCash brand, PagoEfectivo, into a digital wallet to expand its reach in Peru.

Features of the PagoEfectivo Wallet

Users can instantly load funds, make online purchases, receive immediate payouts from participating merchants, send money to others, and use a code (CIP) for payments. The platform was initially established in Latin America’s eCash market, facilitating transactions online. Peruvians are familiar with the app and trust it for iGaming, digital goods, travel, and eCommerce purchases.

Expansion of Paysafe’s Presence

Paysafe aims to provide a more convenient payment method through this wallet launch. A recent survey conducted with Peruvian customers revealed that 81% would use the digital wallet from PagoEfectivo, given their familiarity with the app. The new wallet will be initially available on Google Play for Android users, who make up 86% of Peru’s smartphone owners. iOS and additional features are set to follow.

Regulatory Licenses

Paysafe holds a PI license in Brazil, enabling it to operate as a regulated payment institution for online spirits betting and gambling markets. This has expanded its presence into Latin America, allowing the company to offer payment solutions across various sectors like eCommerce, travel, and entertainment.

Partnership with Fiserv

Paysafe partnered with Fiserv to integrate its Clover Capital solution and Data-as-a-Service into the company’s platform. This integration enhances risk and fraud management while providing SMEs with better access to capital. In the U.S., Paysafe and Fiserv are working together to introduce a digital wallet within Fiserv’s Clover merchant network, aiming for quicker settlements and an improved customer experience.

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