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October 22, 2021

TraQiQ introduces online payment solution in Latin America

Technology company TraQiQ has introduced its online payment solution ‘TraQPayments’ in Latin America.

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What does the future hold for BNPL market?

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  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
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TraQPayments is a mobile POS solution that will enable the users to integrate all potential payment methods into a single centralised system to facilitate payment experience. It also offers SMS invoicing, scan and pay QR code, mobile wallet and Digi-Swipe features.

Merchants can use the solution to accept card and wallet payments on their smartphones.

TraQPayments is also equipped with enhanced security features to ensure transactional safety.

TraQiQ expects that the launch of the solution will boost mobile point-of-sale (mPOS) adoption across the region. According to the company, mPOS turn-around-time is three times faster compared to a traditional POS, a feature that may lead to a widespread acceptance of the solution.

The TraQPayments platform powers payments and cash collections currently offered by Mimo Technologies.

TraQiQ Solutions president Lathika Regunathan said: “TraQPayments allowed Mimo to roll out a complete Payment solution in days. The product easily adapted to Mimo’s processes, facilitate payments, and settle transactions.”

Based in the US, TraQiQ focuses on offering products that are designed to help identify customers as well as facilitate and fulfil transactions.

Several multi-national customers have deployed TraQiQ’s FinTech and Last Mile solutions.

The company has a global presence with offices and customers in Asia, North America, Africa and Latin America.

Earlier this year, Flywire launched its education payments platform in key Latin American countries.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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