Paysafe Launches PagoEfectivo Digital Wallet in Peru to Meet Surging Demand
The wallet supports fund loading, purchases, money transfers, and instant merchant payouts via the widely used CIP (Código de Pago) system.
Paysafe has officially expanded its presence in Latin America with the launch of a new digital wallet under its PagoEfectivo brand, marking a significant step forward in one of the region’s fastest-growing digital payment markets.
This is Paysafe’s first digital wallet rollout in Latin America, and it’s tailored specifically to meet the needs of Peruvian users. The wallet supports fund loading, purchases, money transfers, and instant merchant payouts via the widely used CIP (Código de Pago) system.
Esteban Sarubbi, VP and Head of Latin America at Paysafe, highlighted strong local demand:
“Our internal research found that 81% of Peruvian consumers surveyed would use a digital wallet from PagoEfectivo.”
Bruce Lowthers, Paysafe CEO, added:
“Consumers in Peru already trust PagoEfectivo for everything from iGaming and digital goods to travel and eCommerce. With the launch of our new digital wallet, we’re giving them a more convenient way to pay.”
The launch is being supported by a high-profile national marketing campaign, fronted by renowned Peruvian actor Carlos Alcántara as brand ambassador. Paysafe has also created a temporary interactive space in Lima — the PagoEfectivo Universe — where consumers can explore the app, attend interactive sessions, and meet local influencers.
This strategic expansion follows a positive financial year for Paysafe, with total FY24 revenue rising by 6% to $1.71 billion. The company also confirmed plans to exit its direct marketing payment processing division, signalling a sharpened focus on high-growth areas such as digital wallets.
Commenting on recent performance, CFO John Crawford stated:
“It’s important to highlight that the core businesses performed in line with our expectations for 2024, including 4% revenue growth from our digital wallets segment.”
With trust in the PagoEfectivo brand already strong in Peru, Paysafe’s new digital wallet is set to become a key player in the country’s evolving payments landscape.
