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Paysafe launched its first Latin American digital wallet this week in Peru. The NYSE-listed payments platform converted PagoEfectivo, its existing eCash brand, into the new service.
The company appointed Carlos Alcántara as brand ambassador for the wallet. Alcántara, a Peruvian actor known as Cachín, will appear in the marketing campaign.
Bruce Lowthers serves as Paysafe’s CEO. He stated that consumers already use PagoEfectivo for iGaming, digital goods, travel and eCommerce purchases. The wallet launch aims to provide additional payment convenience.
Esteban Sarubbi holds the position of Vice President and Head of Latin America at Paysafe.
Paysafe conducted consumer research before the wallet launch. The survey showed 81% of Peruvian consumers would use a PagoEfectivo digital wallet.
PagoEfectivo operated as an eCash payment method across Latin America before the wallet conversion. The service processed transactions for millions of consumers online.
Sarubbi said the survey results indicated strong demand for expanded payment services. The company decided to develop a solution addressing local payment requirements.
PagoEfectivo held market leadership in Latin American eCash payments prior to the wallet launch.
The wallet allows users to instantly load funds and complete online purchases. Participating merchants can process immediate payouts through the system.
Money transfers between users work through the app. The service supports code payments, known as CIP, for transaction flexibility.
Users access all functions through a single app interface. The wallet maintains the PagoEfectivo brand identity while adding digital wallet capabilities.
Lowthers described the launch as part of Paysafe’s commitment to “powering the experiential economy.”
The marketing campaign covers TV, digital platforms, outdoor and out-of-home advertising. Paysafe characterised this as PagoEfectivo’s largest promotional effort to date.
Lima residents can visit the “PagoEfectivo Universe” experience from July 10-26. The interactive space operates at Av. Manuel Olguin 249, Santiago de Surco.
Hours run Tuesday through Sunday from 12:00 pm to 9:30 pm. Visitors can play games and test app payment simulations.
The experience includes meetings with celebrities and influencers during scheduled time slots. Attendees can win merchandise and take photos.
Leo Pagoncio, the brand mascot, will appear at the venue. Registration is required for visits to the promotional space.
The campaign represents Paysafe’s effort to establish the wallet in Peru’s payments market. The company expects the combined marketing approach to drive user adoption across major Peruvian cities.
This latest expansion follows Paysafe’s recent announcement of its FY24 revenue, reporting a 6% total increase to $1.71 billion. The company also shared its plans to divest from its direct marketing payment processing business, indicating a shift towards high-growth verticals such as digital wallets.
