UK-based paytech company Payabl. has announced the integration of four local payment methods in Latin America into its range of local payment solutions.

These payment solutions are PIX, Boleto, OXXO, and SPEI, and the integration aims to broaden coverage across the region, aligning with payabl.'s objective of facilitating business growth for merchants through accessible, localised payment solutions. According to the Beyond Borders report, Latin America presents a significant opportunity for digital payments, with the region's digital economy forecasted to reach a value of USD 944 billion by 2026. This growth is fueled by a youthful, tech-savvy population, with countries such as Brazil, Mexico, Colombia, and Peru witnessing annual ecommerce growth rates of approximately 30%.

PIX and SPEI, developed by the Central Bank of Brazil and Central Bank of Mexico respectively, enable consumers to conduct online payments via bank transfer through APIs. Boleto, a pre-filled voucher accepted at checkout, and OXXO, a cash voucher system used at numerous outlets in Mexico, further diversify the payment options available to consumers in the region. The launch of these new payment solutions in Latin America emphasises payabl.'s commitment to driving growth for merchants.

Offering consumers their preferred payment method at checkout aims to improve the overall customer experience as well as boosting conversion rates for merchants. In the company press release, officials from payabl. highlighted the company's plans to improve the payment landscape, supporting the digital transformation of local economies, and positioning itself as a leader in commerce innovation in LatAm and globally.

What else has payabl. been up to? In May 2024, payabl. entered a collaboration with Zimpler, an instant bank payments company, to provide additional capabilities to its merchants.

By directly integrating Zimpler, payabl.’s merchants gained the ability to provide customers with the option to pay via instant bank transfers at checkout. Considering that Zimpler initiates account-to-account (A2A) payments leveraging Open Banking APIs, the company focused on mitigating the need for intermediaries in an effort to support cost-efficient transactions for merchants. .