Transact365, a UK-based fintech, has launched its global payments platform in Latin America (LATAM), making it one of the largest alternative payments platforms in the region.
The move enables cross border and local e-commerce transactions through bank transfers and local payment methods such as PIX and Boleto, ensuring consumers in the region can make online transactions and merchants have the capabilities to access them.
Merchants across LATAM will be able to make bank transfers in local currency as well as enable cash and other non-card local payments methods for domestic or cross-border transactions, connecting them with shoppers around the world. Transact365’s payment network in LATAM comprises 10 national jurisdictions including Mexico, Brazil, Colombia, Ecuador, Peru, El Salvador and Costa Rica.
By using the Transact356 platform, merchants can benefit from B2B and B2C transactions and real time payment confirmation capabilities, all powered by leading payment solutions technology. Its commitment to security and anti-fraud measures also means there is a significantly reduced risk of fraud or chargebacks once a transaction has been approved by Transact365.
Since being founded in 2017, Transact365 has been building and expanding its coverage of banks in emerging and established markets, implementing commercial agreements, and integrating operating systems. To date, Transact365 covers the majority of all banks in LATAM, with plans to increase regional coverage in the coming months.
Transact365’s global payment network comprises over 380 banks and 180,000 cash collection points across a multitude of countries, all of which can be accessed through a single integration.
Transact365’s expansion into LATAM is the latest in a series of expansions the global payments platform is preparing in both established and emerging markets. Earlier this year, Transact365 launched in India. The high-growth scale-up is also operational in Europe, Asia, Australia, North America, and Africa.
Dan Fernandez, CEO of Transact365, said: “Our ethos as a business has always been ‘Think Local, Go Global’, and we are proud to be able to bring our platform to merchants across LATAM to help facilitate their growth.
“Our launch in Latin America comes at a pivotal time for us at Transact365 - in less than five years since being founded, we are now one of the largest alternative payments platform in LATAM.
“2022 will be a year of expansion and growth for Transact365. Having recently launched in India, and more jurisdictions on the horizon, our mission is to become one of the world’s leading payment service providers with access to markets demonstrating the greatest opportunities for merchants. We look forward to seeing what more we can achieve this year.”