Security News > 2021 > August > Paysafe acquires SafetyPay to strengthen its strategic foothold in Latin America

SafetyPay is a payments platform that enables eCommerce transactions via an unrivalled choice of open banking and eCash solutions, operating primarily in Latin America.

Together the two acquisitions set Paysafe up to be the leading open banking and eCash solutions provider in Latin America, one of the world's fastest-growing online markets.

Further, with SafetyPay having established relationships with more banks in Latin America than any other payments provider, Paysafe will be uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions into the region's payments ecosystem including its digital wallet and gateway capabilities.

On completion of the deal, the SafetyPay team will transition into Paysafe's expanding eCash and online banking solutions' team which is headed up by Paysafe eCash CEO, Udo Mueller.

"We are very excited to welcome SafetyPay into the Paysafe family. The team has successfully built a market-leading payment platform that has become the de facto open banking solution for Latin America. We look forward to partnering with Gustavo and the team to continue to build eCash and online banking solutions across LATAM and beyond."

"We are really pleased to see SafetyPay and PagoEfectivo become part of Paysafe and expand our payment solutions across card payment processing, digital wallets, eCash and online banking payments with a strong foothold in high growth Latin American markets."

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