Paysafe has revamped its eCash brand, PagoEfectivo, into a digital wallet to enhance its footprint in Peru.

Users of the new PagoEfectivo wallet can now instantly load funds, make online purchases, receive immediate payouts from participating merchants, send money to others, and pay using a unique code (CIP). This service was initially launched in the Latin American eCash payments market, allowing consumers to transact online with ease. Peruvians are already familiar with PagoEfectivo and use it for iGaming, digital goods, travel, and ecommerce.

About Paysafe

Paysafe’s launch aims to provide a more convenient payment method, aligning with the company’s mission to support the experiential economy. Recent surveys among Peruvian customers revealed that 81% would use PagoEfectivo’s digital wallet due to their familiarity with the app. The new wallet will initially be available on Google Play for Android users, who make up 86% of Peru’s smartphone owners, with iOS and additional features coming soon.

Paysafe also holds a PI license in Brazil, enabling it to operate as a regulated payment institution in the online spirits betting and gambling market. This licensing expanded its presence into Latin America, allowing the company to offer its payment solutions to merchants across various sectors such as ecommerce, travel, and entertainment.

The move follows Paysafe’s partnership with Fiserv, integrating Fiserv’s Clover Capital solution and Data-as-a-Service into Paysafe’s platform to enhance risk and fraud management while providing better capital access for SMEs. In the US, the collaboration aims to introduce a digital wallet within Fiserv’s Clover merchant network, offering businesses quicker settlements and a broad range of banking services to improve the customer experience.