Latin America is a highly diverse region covering some 33 different countries (including the Caribbean nations) and home to more than 667 million people. The population has grown by over 100 million in the past 20 years, and with increasing levels of internet access and smartphone penetration, demand for digital financial services in LAC is on the rise too.
Arguably, Brazil leads the region in terms of banking sophistication with a well-developed market, established incumbent banks and a fast-growing number of fintech startups. Mexico, Colombia and Argentina are all seeing high levels of activity in terms of technical innovations and competition, meaning the payments landscape in the region is changing fast.
And there’s another key trend that’s shaping the payments ecosystem in LAC. According to McKinsey, the debit card is now the most popular way of making payments among Spanish-speaking Latin Americans, replacing cash. With high levels of informal labour in the region, and payment volumes predicted to grow sharply over the coming years, Latin America is full of opportunities for innovative financial institutions.
For banks and credit unions that want to take full advantage of these opportunities, finding the right partner is essential. For local banking and payment platforms, appealing to the ever-growing number of fintechs and innovative startups in the region is vital too – and that’s why they need to be looking to strike partnerships of their own.
There’s a huge opportunity for organisations to leverage their existing network of digital banks and fintechs and offer them cutting-edge payment solutions through Paymentology.
Resellers can leverage Paymentology's existing product and brand reputation to expand their offerings and reach a wider customer base. The increased revenue potential and reduced operational costs of partnership will ultimately boost their bottom line.
Global, regional, and local partnerships are key to unlocking innovation and driving personalised financial experiences. By combining their strengths – local expertise, customer relationships and access to vertical markets – with Paymentology's network, infrastructure and comprehensive card solutions, reseller partners can open up countless new possibilities.
Together, we can amplify our capabilities and expand payment possibilities for banks, fintechs, and their customers, delivering cutting-edge solutions that empower financial institutions to thrive in their respective markets.
Partnering with Paymentology makes sense. Just ask UnDosTres, the Mexican super app which has leveraged its collaboration with Paymentology to transform credit card issuance for financial institutions and lenders in the country.
Through partnership with Paymentology, UnDosTres has expanded its offerings to include advanced credit card issuance capabilities, enabling financial institutions to issue Mastercard-backed cards quickly and in compliance with local regulations.
Rain, the global card issuing and payments platform built for stablecoins, has partnered with Paymentology to issue physical and virtual Visa credit cards, empowering consumers and corporate employees across LAC.
Around 70% of Latin America’s population are unbanked or underbanked, and Rain's pioneering solutions have helped businesses in the region to enable greater financial inclusion. Paymentology’s API-driven infrastructure is providing the foundation for Rain's ambitions – it aims to scale its groundbreaking platform globally, with the objective of becoming the go-to stablecoin-powered payment solution around the world.
Reseller partnerships with Paymentology have a number of strategic advantages. If your institution is interested in developing a strategic partnership with Paymentology, get in touch today.