PXP Financial Launches LatAm Payments Partnership With Kushki
Global payments services firm PXP Financial has teamed with Latin America-based payment platform Kushki.
The collaboration, announced in a Tuesday (Oct. 15) blog post, will let PXP use Kushki’s technology and expertise to create payment solutions for the Latin American market, with plans to launch card acquiring in Mexico, Chile, Colombia, Ecuador and Peru.
PXP Chief Executive Kamran Hedjri said in the announcement that his company hopes to expand its footprint in the fast-growing Latin American (LatAm) market with the help of Kushki.
“Their technology simplifies local and cross-border payments, helping businesses reach more customers and grow,” Hedjri said. “Collaborating with Kushki will be pivotal in becoming a trusted partner for merchants and consumers in the LATAM region.”
According to the announcement, the partnership will let PXP offer a payment solution covering “the entire payment value chain,” from acceptance to settlement, while supporting multiple payment methods, currencies, and markets.
“PXP will also be able to access and serve new customers and segments in LATAM, leveraging Kushki’s local expertise, network, and products,” the company said.
PXP has integrated Kushki’s API, and is on target to launch in Mexico, with future launches planned for countries such as Peru, Colombia and Chile.
PYMNTS spoke in 2022 with Aron Schwarzkopf, CEO of Kushki, about the rise of digital payments in Latin America.
“Regardless of how inflation moves, the demand for digital payments is growing at a record pace because it was so behind,” Schwarzkopf told PYMNTS’ Karen Webster.
That boom has continued in the years since. This is an era of rapid evolution for Latin America’s digital payments landscape, where nearly 600 million people are generating a GDP of almost $6 trillion. Most of those people, research by PYMNTS Intelligence has found, are moving away from cash and turning to real-time digital alternatives.
“In recent years, Latin America has emerged as a leader in digital payments, particularly in real-time transaction systems,” PYMNTS wrote earlier this month.
“Brazil’s Pix instant payments platform exemplifies this trend, as 43% of Brazilian consumers use Pix daily, compared to 29% relying on credit cards and 21% using cash. Additionally, 82% of Pix users report a positive impact on their daily lives.”
The embrace of digital banking is apparent, with 95% of consumer interactions with banks now taking place via digital channels.
And the digital banking revolution is also transforming LatAm shopping behaviors, with consumers leveraging constant internet connectivity to bolster their purchasing experiences. The research found that the use of contactless debit cards in Mexican stores jumped 137% from 2021 to 2022, while contactless credit card payments ballooned by 418%.
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