SafetyPay a global solution for real-time payment, has been growing on the strength of its offering cash payments for online purchases, with the aim of serving a large portion of the population. Last year, cash transactions via convenience stores and banking intermediaries accounted for 45% of all company transactions. Furthermore, in the first quarter of 2016, growth came to 86% of the year before.
The process is simple. Consumers who decide to use this new method of payment pay in cash through bank intermediary or convenience store using a reference number issued via e-commerce channels by SafetyPay at the time of purchase. According to data of the Brazilian Federation of Banks, 40% of the country’s economically active population does not have a bank account. According to the World Bank, the same percentage of people without banking services is observed in the rest of Latin America (information from 2014). At the global level, the World Bank estimate is that 200 million people do not use formal financial services.
As a cutting edge company combining finance and technology (FinTech), SafetyPay is using its experience and knowledge in the area to conduct online and cash financial operations in 19 countries around the world. Recently the company launched new functionalities for already existing products and incorporated these solutions into its service portfolio. In addition, it signed new agreements throughout the region, for example, with Peruvian, Decolar, eDestinos and Azul Linhas Aereas, among other companies.
“We believe that solutions developed by companies like SafetyPay combining finance and technology are the fastest route to financial inclusion for the population that does not have access to traditional banking services. By investing in an alternative that makes it possible to purchase online, confirming payments in real time at convenience stores / banking intermediaries authorized in Brazil, without the need for a bank card or credit card, we have broken down barriers for anyone who wanted to buy but did not up until that moment have a safe and reliable way to make payment,” concluded Luiz Antonio Sacco, SafetyPay’s Chief Executive for Latin America.
The results have already begun to become apparent. In 2015, the company registered global expansion of 80.4%, and in Brazil, its growth was nothing less than 500%, driven by contracts signed with big companies, showing the enormous potential of the market that is being exploited.