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Paysafe bolsters LatAm presence via Argentina market entry

Payments platform Paysafe has launched its ecash payment solution in Argentina, as the company looks to further strengthen its LatAm footprint.

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The payment solution, paysafecard, allows users to securely shop for goods and services by using cash to purchase pre-paid vouchers with a 16-digit code, before adding the balance to their myPaysafe account. 

Approximately 76% of Argentinians do not have a credit card, with around 20% without a deposit account.

The option to use cash with paysafecard opens up access to new customers who were previously excluded due to a lack of credit card or bank account. The card offers a solution for these people, and provides access to gaming, social media and entertainment services.

Paysafe President of Digital Wallets Chirag Patel said: "We’re excited to be operating again in Argentina, where ecommerce and online financial services are growing rapidly while the population remains underserved in terms of cards.

“We see great potential here to help our international merchant partners provide the right payments options for their customers and make more transactions.”

The move comes after Paysafe’s recent acquisitions of Latin America-based payments companies SafetyPay and PagoEfectivo, working to enable further growth and cross-selling opportunities in the region.

Earlier this month, Paysafe published its Q2 2022 financial results, reporting a marginal revenue decrease of 1%.

Revenue for the period stood at $378.9m, representing a fall of 1% year-on-year. Despite this, Paysafe reported a 3% increase in revenue on a constant currency basis.

The report outlined operational highlights, including entering the Arkansas iGaming market with BetSaracen and the appointment of Rob Gatto as Chief Revenue Officer.


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