London, 5th June 2024 - payabl., one of Europe’s leading PayTech companies, today 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. This move underscores payabl.’s mission to help merchants worldwide supercharge their business growth with easy-to-access, localised payments solutions.
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 eCommerce 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.
As payabl. continues to expand its global footprint, it remains committed to supporting the growth of the digital economy, offering merchants the tools required to navigate the complexity of an evolving payments environment. This expansion is not just about expanding its portfolio of 300+ local payment methods, but about empowering merchants and consumers to participate in the digital economy.