INSIGHT LATAM
AstroPay has launched its latest capability platform ‘Payment Links’ for Small and Medium Enterprises (SMEs) in a number of Latin American countries. Te platform sees AstroPay expand into Peru, Chile, Mexico and Colombia. What’s the growing need for online payment options in Latin America?
Latin America has around 300 million digital buyers, a figure forecast to grow over 20 per cent by 2025. Te region is characterized by a high number of unbanked adults with cash transactions being predominant. Against this backdrop, smartphone and internet penetration has increased, and the use of digital wallets and contactless mobile payments have become popular among consumers. Various countries in Latin America have adapted and innovated to develop alternative payment methods to accommodate those without access to financial services.
Digital wallets, QR codes and payment links are the most popular payment options available to users in the continent that allow them to purchase online without the requirement of a credit/debit card or a bank account.
We launched our digital wallet in 2020 and it has been growing exponentially in the region, with the pandemic having set a huge demand for online payment solutions worldwide. We then launched our latest in-app features ‘Payments Links,’ developed to help SMEs monetize their business in a fast and secure way.
We see fintech companies have been leading the transformation of the payments industry in the continent, offering users alternative payment options, and promoting financial inclusion.
What inroads has AstroPay made into the Latin American market, including recent deals/partnerships in the region?
Te payments industry requires a great deal of flexibility as the ecosystem is in constant change depending on several variables. Tis encourages innovation and promotes the emergence of new products and even new business models, for the benefit of consumers.
At AstroPay, we understand the importance of adapting to changes in trends and new developments in the market that need to be done at the precise moment to stay ahead of consumer demand and keep pace with the latest trends and regulations.
With Brazil being our main market in LATAM, we are focusing on expanding our reach within the region to countries such as Colombia, Peru and Mexico. Te LATAM region is a melting pot of cultures, customs and realities and we aim to continue our growth and establishment within the region.
In February, we launched our crypto offering to serve younger users, or the ‘digital natives’, who are more inclined to trade cryptocurrencies. Te offering is cost-effective as users can trade cryptocurrencies without paying any purchase,
P88 WIRE / PULSE / INSIGHT / REPORTS
Mikael Lijtenstein Chief Executive Officer AstroPay
Founded in 2009, AstroPay is one of the pioneer payment solutions in the world with extensive experience in managing the specificities of emerging markets, offering efficient and reliable solutions to all customers, end users and merchants, regardless of where they are located.
Following the recent expansion and launch of services in Europe, AstroPay is now accessible to customers across the world, spanning the world’s largest continents including Latin America, Asia, and Africa. Over six million users are already benefiting from AstroPay, along with 1000 merchants via more than 200 payment methods globally. AstroPay’s digital wallet solution, One Touch, allows users to make deposits and withdrawals directly from merchants’ sites providing a fluid payment journey for customers while assuring better conversion rate for merchants.
AstroPay continues to grow from strength to strength, despite the disruption caused by the pandemic, and as the business ventures into new markets, it remains focused on providing the best possible digital payment service to all new and existing customers around the world.
trading, transfer or maintenance fees. Te digital wallet supports Bitcoins, Bitcoin Cash, Litecoins and Cardano, which can be acquired in local currency or American dollars.
Which are some of the stronger emerging markets in Latin America in your opinion?
With a population of around 215 million people, Brazil is the biggest market in the continent followed by Mexico with more than 126 million population. In both cases, they offer vast opportunities for those interested in expanding their businesses.
For those who want to succeed in these markets, we would advise partnering with a company that has the expertise in these regions and network of local payments providers as these markets can be complex and difficult to understand at first. Being close to the users is paramount to engage them and that is why we partner with renowned local payment methods which are easily recognised by the customers.
What can AstroPay do to help operators in Latin America in order to help them meet their needs and satisfy their customers?
International iGaming companies know the importance of giving their customers local
payment solutions that they trust and are familiar with. However, identifying all the major payment solutions in each country, understanding how they work, closing a contract with them, going through the integration etc., is not an easy task. Having a payments partner that provides them with access to all local payment solutions globally, through one integration and one contract is a great way to scale fast and optimise internal resources.
We have over 200 payment methods within our solution, covering over 150 countries. Our technical platform can be used to offer alternative payment methods as individual direct solutions on the merchant’s cashiers, and/or as a way for our over six million users to upload funds in their AstroPay wallets. One simple integration gives access to all markets in LATAM, Africa and Asia, and also in Europe.
Furthermore, with so many options around the corner, merchants need to make sure that the first contact their customers have with their solution will convert into a successful payment, and that the user will feel comfortable using the product. Tis is critical to acquiring new users.
How can AstroPay help merchants navigate the different financial regulatory frameworks in the region?
Navigating through the increasingly evolving financial regulations on a regional scale is not an easy task. It requires market knowledge and expert resources who understand the diverse landscape. We rely on our dedicated teams in each market to understand and analyse the complexity, consumer characteristics and regulatory requirements on a country-by- country basis. Tis is how we keep abreast of the developments and modify our solutions.
Merchants should partner with global established players that have the experience of operating successfully in different markets and deep expertise in the ever-changing landscape of payments. Without trusted partners on the payment side that can deliver good user experience as well as simplify reporting and reconciliation, it’s almost impossible to scale and enter new markets.
What developments can we expect to see in the near future from the region?
We expect to see an increase of local payment solutions across different markets. Whether it is more account-to-account solutions or digital wallets, there are more and more local players that are capturing a good share of the local market with their ‘alternative payment solutions’. Digital wallets, for example, are growing over 40 per cent year-over-year in LATAM and the trajectory shows that they will continue to grow.
We will also introduce new features to our digital wallet solution, OneTouch, to enable merchants to do more with less effort. Tis will help them not only operationally but also provide an easy and effortless way for the users to pay and withdraw with AstroPay. As an innovative company, we are committed to continuously improve our offering and provide better services to both merchants and users.
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