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Paysafe expands Bank Payouts in Latin America

Already available in Brazil, Mexico, and Peru, Bank Payouts has now launched in Chile. Learn about how we’re growing and enhancing our services in the region.

We’re excited to announce that an additional withdrawal option, Bank Payouts, is available in Chile. Now, our merchants can send money directly to bank accounts there in as little as 2.5 hours.

The move is part of a wider effort to bring fast and secure bank withdrawals to our customers in Latin America, with the service already available in Brazil, Mexico, and Peru.

Erica Santos, Senior Product Manager at Paysafe, commented: “We’re thrilled to bring Bank Payouts to Chile as part of our mission to provide a breadth of payout products globally. Merchant bank payouts enhance our services in Latin America and beyond by delivering efficient transactions that increase customer satisfaction.”

Made possible by Paysafe’s strong relationships with local banks, this latest upgrade to our services in Chile will help merchants deliver a hassle-free withdrawal process.

The growing importance of bank payments in Latin America

According to a report by McKinsey, people in Latin America are increasingly gaining access to financial services. As of 2021, the share of people in Latin America with access to a bank account was up to around 73 percent.

In Chile, the figure was even higher, with 87 percent of people using bank accounts or mobile money services. This is partly due to the Chilean government’s financial inclusion initiatives, which have encouraged banks to make their services accessible. Here, it’s cheaper to use a bank account compared to other countries in the region.

As the number of bank account holders in Latin America grows, it’s more important than ever for online businesses to empower customers to be paid to their bank account. Especially in Chile, where there’s a significant appetite for digital banking.

Unlock the power of Bank Payouts with Paysafe

Whether you’re new to Paysafe or an existing customer operating in Chile, Brazil, Mexico, and Peru, adding Bank Payouts to your package is simple. Contact us today and we’ll support you in getting set up.