Payments platform Lightspeed has tapped unicorn fintech dLocal to allow small businesses to accept local payment options across Latin America.
Through the integration, which is now live in Mexico, Lightspeed’s merchants can accept payments in Mexican pesos. The solution allows merchants to facilitate bank-to-bank transfers, accept cash through digital voucher payments and accept local credit and debit cards.
This comes as online spending is on the rise in Mexico, projected at $48bn. According to dLocal data, just over a quarter of Mexico’s online purchases are made via domestic debit and credit cards.
In addition, OXXO, the country’s popular cash payment method, generates 20% of e-commerce sales. The partnership aims to tap into varied market by offering multiple payment methods.
Rodrigo Sanchez Prandi, SBP of Product at dLocal, said: “Local payment methods are able to reach a broader audience in countries like Mexico where over a third of the population prefers alternatives to credit cards when paying for online goods and services.
“At dLocal, we know local payment preferences and habits in emerging markets. We’re proud to partner with Lightspeed on this solution as they continue their mission to simplify business for SMBs.”
Adding to this, Peter Dougherty, VP of partnerships at Lightspeed, said: “dLocal offers one of the most exhaustive alternative payment platforms currently available, which allows Lightspeed merchants to easily accept the payment methods their customers are looking for, eliminating friction during checkout and increasing conversion rates.
“This opens up a broad range of new customers to now pay for their purchases directly on the merchant’s website, furthering Lightspeed’s mission to become the most advanced commerce platform for high-performing businesses throughout the world.”
In September 2020, dLocal reached unicorn-status after it secured $200m in funding, bringing its valuation to $1.2bn.
At the time, the fintech said it would use the funds to expand into 13 new markets over the next 18 months, including Central America, Africa, and Southeast Asia.