Pipit Global and leading global payment services provider PMI Americas have partnered to bring mutual extension of the companies’ global networks and provision of services.
The agreement will see Pipit extend its cash payments offerings into Mexico, Brazil, Chile, Colombia, Ecuador, Peru, and Guatemala.
Cash-based payments have proved to be resilient and still critical in LATAM, even through the pandemic, during which cash was used for up to 20% of online purchases. In Mexico, OXXO, a cash-voucher that can be paid in physical stores across the country, was the third most relevant payment method in 2020. In Brazil - where the Central Bank estimates that nearly 55 million people do not have a bank account - 52% of digital buyers complete their transaction using Brazil’s most popular cash payment method, Boleto Bancario. And, in Colombia, a 2020 report stated that cash was still used for 70-85% of all transactions and the use of cash vouchers for eCommerce grew by 17%.
It's evident then that cash is still king across much of Latin America, with consumers’ need to use cash increasing during the global health crisis, with one study finding that cash demand rose 31% year-on-year during one week in November 2020.
Pipit’s global cash payments network has over 1.5 million locations worldwide and brings a suite of cash services to broaden financial access and inclusion in both emerging and developed markets. The platform facilitates domestic and cross-border transactions, providing banks with an international agency branch network for day-to-day banking, eCommerce businesses and billers with cash payments options for their customers, and eWallets and Mobile Money providers a cash loading and withdrawal facility for their customers.
Commenting on the partnership, Pipit CEO Ollie Walsh noted: “Maintaining cash utility in the payments landscape is essential in all economies, but especially in emerging economies where digital payments adoption remains low. Pipit’s services at once accommodate cash payments and help economies and consumers to transition to increased digital adoption. However, even with increased digital payments, the use of cash will persist and Pipit is designed to serve both cash and digital payments.”
PMI CEO Alex Pereira commented: “LATAM economies are still cash-centric markets; but we are witnessing a slow transition into digital payments, ewallets, ecommerce, so we are positioning ourselves on this bridge between hard cash and the digital world.”
About PMI Americas:
PMI Americas is a leading global payment services provider, with country-specific payments solutions across Latin America. In alliance with the leading local financial institutions in the countries we operate in, we work closely with our international business partners to structure and implement customized payment strategies to suit their needs: from local pay-outs, to credit and debit card processing, to alternative payment collection strategies. With the objective to minimize costs and maximize efficiency and customer satisfaction, our unique PMI Americas system, gives corporate clients a vast coverage for payment solutions throughout Latin America with one single integration.
Our team includes industry leaders in banking, cross-border remittances, pre-paid and credit cards issuing, corporate finance, compliance, legal and international taxation.
About Pipit Global:
Pipit Global is an award-winning payments company providing access to over 1.5 million payment locations in over 40 countries worldwide.
Pipit Global’s cash transactions platform gives financial institutions the ability to offer their customers cash payments for a range of services both domestically and cross-border:
- Agency Banking for day-to-day cash services
- eWallet and Mobile Money cash services
- eCommerce and Bill Payments
Core to Pipit Global’s mission is the social impact that financial access and inclusion creates.