payabl expands LatAm coverage with major payment methods

payabl. announced the integration of four major local payment methods in Latin America – PIX, Boleto, OXXO and SPEI – to its portfolio of local payment methods, significantly enhancing coverage across the region.

Latin America represents a significant growth opportunity for digital payments.

According to the Beyond Borders report, the region’s digital economy is expected to reach $944 billion in value by 2026.

This growth is driven by a young, tech-savvy population, with countries like Brazil, Mexico, Colombia, and Peru experiencing annual e-commerce growth rates of around 30%.

PIX and SPEI, developed by the Central Bank of Brazil and Central Bank of Mexico respectively, enable consumers to complete online payments via bank transfer through APIs.

Boleto, a pre-filled voucher accepted at checkout, and OXXO, a cash voucher system used at thousands of outlets in Mexico, further diversify the payment methods available to consumers in the region.

“Launching these new payment solutions in Latin America reinforces our commitment to driving growth for merchants,” said Igor Skachkov, CPO at payabl, speaking at Money 2020 Europe.

“Providing consumers with their preferred payment method at checkout not only improves the overall customer experience and satisfaction but also increases conversion rates for merchants.”


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