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February 18, 2022updated 02 May 2022 12:43pm

UK fintech Transact365 expands to Latin America

UK-based fintech Transact365 has launched its payments platform in Latin America (LATAM) to enable merchants across the region to cater to consumers worldwide.

The move will allow Latin American merchants to make cross border and local e-commerce transactions through bank transfers as well as local payment methods such as PIX and Boleto.

This will enable merchants in the region to make bank transfers in local currency and to accept cash and other non-card local payments modes for domestic or cross-border transactions from consumers worldwide.

Furthermore, Transact356 platform will offer merchants business-to-business (B2B) and business-to-consumer (B2C) transactions and instant payment confirmation capabilities.

Transact365’s LATAM payment network covers Brazil, Mexico, Ecuador, Peru and Costa Rica among other countries.

The firm, which claims to have partnerships with a majority of all Latin American banks, plans to further increase regional coverage in the next few months.

Transact365 CEO Dan Fernandez said: “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.”

Latin American expansion comes on the close heels of Transact365’s expansion into India to allow its merchant partners expand access to over one billion consumers in the country.

Fernandez added: “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.”

Last month, Canadian payments firm Nuvei introduced a new solution to enable international merchants accept local payment methods in 10 Latin American countries.

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