Cross-border payment platform dLocal is partnering with payroll and payments platform Papaya Global to drive global workforce payments.
Through the partnership, the companies aim to enable global firms to pay employees worldwide in local currencies in a timely fashion, according to a Tuesday (April 9) news release.
The partnership is currently live in Latin America, including Chile, Colombia and Mexico; in Asia, including Indonesia and Vietnam; and in Africa, with plans to expand to additional territories, per the release.
“In today’s payment landscape, you simply cannot go global without thinking local,” dLocal Head of EMEA Agustin Botta said in a statement. “Leveraging dLocal’s solution tailored to specific emerging markets, mutual customers can easily execute payments with full compliance, irrespective of the varied payment ecosystems. Together, we are ensuring our offerings are the highest possible quality for customers to enable them to pay anyone, anywhere.”
“The partnership with dLocal is exciting, because it speaks to the core of our mission at Papaya,” Ori Shilo, vice president of business development and partnerships at Papaya Global, said in the release. “Together, we are reshaping the global payments landscape, ensuring a premium payment experience without borders or compromises, and providing our customers with a strong base for scale and growth.”
Cross-border payments are increasingly important for companies looking to scale.
As PYMNTS noted in January, cross-border payments have rebounded alongside global trade as the COVID-19 pandemic ebbed. The rise in international trade and cross-border transactions means businesses must look abroad to maximize growth and access the greatest number of customers.
“The Treasury Management Playbook: Spotlight on Cross-Border Payments,” a PYMNTS Intelligence and Citi collaboration, explored cross-border payments and how companies can minimize frictions associated with international transactions.
Traditional cross-border payment methods, such as wire transfers, are a significant source of friction for businesses, since they can be slow, costly and opaque. Additionally, separate PYMNTS Intelligence found that only 23% of smaller businesses said that current cross-border payment solutions are “very or extremely satisfactory.”
Many issues that seem relatively minor can cause significant friction within cross-border transactions. But by investing in innovation, fostering strategic partnerships and prioritizing the customer, businesses can overcome cross-border hurdles and capture growth by unlocking global commerce.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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