Paysafe introduces PagoEfectivo wallet to meet Peru’s evolving payment needs
Discover how Paysafe’s new PagoEfectivo wallet is transforming digital payments in Peru with eCash, bank transfers, and mobile wallet features.
Latin America is experiencing a digital transformation in the payments space and Peru is emerging as a key growth market. The PagoEfectivo wallet, from a brand already trusted by Peruvian consumers, is evolving to meet this growing demand. In addition to its well-known eCash solution, PagoEfectivo is expanding its offering to include a digital wallet and bank transfers-giving users more flexibility and control over how they pay.
In Peru, smartphone penetration is projected to reach 97% by 2029, creating a perfect storm for mobile digital wallets, facilitating seamless payments such as P2P transfers, payments and bank transfers. Consumers are looking for payment methods that integrate seamlessly into their daily lives-methods that offer speed and security and cater to an increasingly digital and connected lifestyle.
Recent insights from Paysafe's Inside the Wallet research, which surveyed 1,000 Peruvian consumers, support these findings. While debit cards remain the most popular online payment method, with 50% of consumers using them for most of their transactions, digital wallets are in second place and keep growing in adoption.
What iGaming consumers in Peru want: easy payments and payouts
Digital wallets are also gaining traction especially among Peruvian sports bettors. According to Paysafe’s recent iGaming research, All the Ways Players Pay which included 200 local bettors, 33% prefer using digital wallets to fund their online sports betting accounts-making it the second most popular payment method after debit cards, which lead at 56%.
Also, when asked about which criteria were important when choosing a sportsbook, 38% said a brand they trust, followed by 32% who said quick and easy payouts and 28% who said quick and easy deposits.
Introducing the PagoEfectivo wallet: a new chapter in digital payments
In response to these evolving market dynamics, Paysafe is proud to announce the launch of the PagoEfectivo wallet -a secure, seamless, and versatile app tailored to the needs of Peruvian consumers who already know and use the brand. Initially available for download on Google Play for Android users, who represent 86% of Peru's smartphone market, the PagoEfectivo wallet is designed to deliver a streamlined, user-friendly experience that simplifies payments via eCash, digital wallet and peer-to-peer transfers.
The PagoEfectivo wallet distinguishes itself by addressing critical market gaps with innovative features. It offers payments via 1-tap CIP payment code. It will also allow for users to load funds their accounts and fund online entertainment such as sports betting, receive instant payouts from these merchants, and for users to transfer money to each other.
Leveraging Paysafe's extensive expertise in digital payments and the trusted brand of PagoEfectivo, more features will be launching soon.
“The PagoEfectivo wallet is a secure, seamless, and versatile solution that will redefine how Peruvian consumers and sports bettors move their money in an increasingly digital world,” said Bob Legters, Chief Product Officer at Paysafe. “By combining cutting-edge technology with the well-recognized brand of PagoEfectivo, we're excited to offer a payment experience that is perfectly attuned to the needs of the modern consumer, combining eCash, digital wallet and exciting upcoming features to give users more ways to move their funds.”
Meeting the demands of Peru's evolving consumer base
Peru's vibrant experience economy and its increasingly tech-savvy population make it a strategic focus for Paysafe. Driven by a young demographic with growing disposable income, the market demands seamless and secure payment solutions-a need that Paysafe has consistently addressed through innovative technology.
PagoEfectivo, established in 2009 and renowned as a market leader in Latin America's eCash payments, has been instrumental in this journey. Since its acquisition by Paysafe in 2021, PagoEfectivo has enabled millions of consumers to transact online by facilitating cash payments at retail outlets through a simple code. Trust and innovation in payment methods are especially important in fast-growing sectors like gambling, sports betting, eCommerce and travel, where flexible and easy payment solutions are essential.
The Peruvian market shows a high adoption rate of alternative payment methods, with consumers embracing traditional banking channels along with digital wallets, bank transfers, and eCash. This openness to innovation makes Peru an ideal landscape for the next generation of digital payment methods.
Looking ahead
As Peru continues its digital transformation, the launch of the PagoEfectivo wallet marks a significant milestone in providing payment solutions that resonate with local consumer behavior and technological trends. Paysafe and PagoEfectivo are raising the bar for digital payments in Latin America by marrying innovation with trust. The region's dynamic growth and evolving consumer preferences underscore the critical need for versatile and secure payment solutions - a need that the PagoEfectivo wallet is uniquely designed to fulfill.
