Kushki has become a payment acquirer in Latin America. This includes primary membership with Visa and Mastercard in Mexico, Chile, Peru and Colombia, all delivered through a standardised modern proprietary processing platform. As a result, Kushki anticipates to grow its operations in the region by 300%.
Prior to this, merchants and payment companies in Latin America were obliged to depend on one or more local acquirer processors per country which usually have operated with little incentive to create broader access into the ecosystem or innovate their legacy infrastructure. After 7 years since its founding Kushki has been approved by local regulators in the named countries, becoming the first non-bank entity to be approved to operate as a merchant acquirer.
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Kushki offers direct connections to primary payment networks. This means merchants and other businesses that wish to be part of the regional payment ecosystem will be able to directly link to and communicate with top payment networks and systems in Latin America without relying on additional intermediaries or third-party banking institutions.
Kushki looking to succeed in new market
The new model will provide benefits for both merchants and customers paying in both physical and online stores. This includes faster transactions, increased stability and traceability in transaction processing and a more tailored service. Kushki, through its constant innovation, continues to provide a modern technology platform with a full understanding of the regional payment regulations that new players in the market require to succeed.
Aron Schwarzkopf, co-founder and CEO of Kushki, said: “We started this project back in 2017, the amount of resources and commitment driven into this massive regulatory and infrastructure project is a first for LatAm, we invite businesses to use it widely either directly, or build a payment company on top of us. As the first regional acquirer, we will be able to make payment innovation more accessible and give stores and payment services providers more control over their transactions.”
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