BaaSiC: Boosting a Payment Aggregator's Operations in LatAm
Navigating the complex and bureaucratic landscape of Latin America presents significant challenges. However, with Transfero BaaSiC, one of the largest companies in this sector has begun exploring opportunities across the continent.
What a Payment Aggregator Does?
Payment aggregators simplify the process of accepting payment, especially for businesses who might find it challenging to obtain a merchant account due to high fees, extensive credit checks, or other requirements.
They offer the ability to process various forms of payments, customized for the specific needs of its clients. Also, the process to get started is generally quicker and involves less paperwork compared to setting up a traditional merchant account.
The Invisible Borders in LatAm
Operating in regions like India, South East Asia, Africa, and Australia, the payment aggregator identified an opportunity in Latin America to connect its global clients to over 600 million consumers on the continent.
The first two targets were set: Argentina and Brazil. However, the challenge was the need to invest in legal infrastructure to offer payments in ARS and BRL, respectively.
But beyond the complex bureaucracy for global companies to establish local entities, the company faced another challenge: the average cost for cross-border payments could rise to 6.5%, and it could take up to 3 days for the settlement of international transfers.
A BaaSiC Solution for Complex Challenges
The payment aggregator then decided to partner with Transfero to address its challenges and operate in Latin America. This was made possible through BaaSiC: Transfero's Banking as a Service in Crypto product.
With a comprehensive platform that integrates banking, crypto, and financial systems, the company was able to resolve all its challenges through a single API integration.
Furthermore, Transfero uses its stablecoins to make the remittance process even cheaper and faster. Thus, the operational complexity of functioning on the continent was solved with a more efficient and innovative solution that uses blockchain technology to optimize all these processes.
After integrating with Transfero BaaSiC, the payment aggregator quickly began operations in Latin America, connecting its global clients to the numerous business opportunities on the continent.
Creating Opportunities in LatAm
Following the partnership with Transfero, the payment aggregator achieved its goal: to offer its clients the millions of opportunities in Latin America with affordable cost and operational efficiency.
In 2023 alone, there were over 13 million pay-in and pay-out transactions in Argentina and Brazil. In total, the movement exceeded 300 million dollars during the period.
BaaSiC facilitated transactions between the aggregator's clients and end consumers in Argentina and Brazil, providing necessary infrastructure for instant transactions using traditional methods, like the Brazilian Pix payment system.
Guilherme Prado, Head of LatAm at Bybit.
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