B2B Payments

Cross-Border, Digital Payments Drive Payment Rail Innovation

Cross-Border, Digital Payments Drive Innovation

Cross-border payments were in the spotlight this week for payment rails innovators, who expanded their infrastructure and partnered with other firms.

This week's look at payment rail innovation is all about digitization and international payments.

dLocal is growing its payment network to include three countries in Central America and the Caribbean, while SafetyPay has collaborated with Latin America’s Rappi.

dLocal Expands Cross-Border Payments Infrastructure

International payment firm dLocal has expanded its payment network to include the Dominican Republic, Costa Rica and Panama.

To accept payments in each of the 23 countries in which dLocal operates, merchants can integrate once to the company’s application programming interface (API). The platform supports over 300 local methods of payment.

Retailers that want to sell in the Dominican Republic, Costa Rica and Panama can accept locally issued credit cards that carry the Visa or Mastercard brands.

“As part of our mission, we develop deep expertise in each local market we serve, and we’re pleased to add Costa Rica, Panama, and the Dominican Republic to the growing list of countries available to our clients,” dLocal VP of Growth Michel Golffed said in an announcement.

SafetyPay Joins Forces With LatAm’s Rappi

Digital payment firm SafetyPay has teamed with eCommerce firm Rappi for cash solutions and immediate reconciliation. The company’s technology lets those without cards and people who are concerned about fraud participate in the online marketplace via bank transfer or cash.

SafetyPay currently works with 380 financial institutions in 17 countries globally, while it reportedly operates the largest cash collection point and bank network in Latin America.

“We constantly strive to leverage the latest technology to protect our customers and offer them the best experience online,” SafetyPay CEO Gustavo Ruiz Moya said in the announcement. “Our partnership with Rappi advances SafetyPay's commitment and responsibility for safe and trustworthy banking for consumers worldwide.”

Rappi provides customers with an array of deliverable merchandise and products on demand.

Gilded Introduces Automatic Digital Currency Invoice Payments

Blockchain payment firm Gilded has rolled out a new function that lets users create repeating, automated invoice payments through digital currency. The feature provides the choice of making a payment via digital currency, wire transfers or credit cards.

“Every day, we speak with businesses that are eager to accept crypto but find themselves at a crossroads for one reason or another,” said Gilded CEO Gil Hildebrand. “Gilded makes it super easy to enjoy the benefits of crypto without having to abandon an entire way of doing business.”

The offering comes as stablecoin transactions have reached a volume of $54.9 billion in June.

EMQ Provides High-Dollar Settlements In Japan

International financial settlement network EMQ has started to let companies around the globe transfer as much as approximately $280,000 straight into banks in Japan.

The company’s network spans more than 80 international markets across North America, Europe, Africa and Asia Pacific.

“Our expanded capabilities across Japan complement our efforts in providing the most reliable, flexible and cost-efficient cross-border solutions for our customers as we continue to optimize our global network with the most comprehensive service levels,” EMQ Co-founder and CEO Max Liu said in an announcement.

The company runs an international financial settlement infrastructure that offers a “faster, more affordable and transparent cross-border settlement solution for businesses around the world, while adhering to complex regulations and compliance standards in different markets,” according to the announcement.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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