In the era of digital payments exists in Argentina a rivalry that looks like a Boca-River. There are fanatical followers on both sides. These are “contactless” payments, on the one hand, and QR on the other. These last they keep the lead, benefited from having entered the ring earlier and having been the workhorse of a giant like Mercado Pago.
The growth of QR transactions has been notable in recent years. During 2023, it was recorded a year-on-year increase of 120% in the use of this technology in businesses, consolidating itself as the preferred payment method by consumers.
These QR payment systems also achieved good acceptance in Latin America. However, they face a problem: They are fragmented by country, which limits the interoperability of digital wallets.
In this context, Argentine entrepreneurs created a fintech that offers a connection with all businesses in the region that accept QR, and that allows digital wallets to operate at any point of sale, regardless of geographic location.
It is about Depayan Argentine startup that allows digital wallet users to make payments in businesses in multiple countries with a simple QR code scan.
Through a platform that connects payment networks in Argentina, Brazil, Colombia and Peruthis fintech offers an interoperable and unified solution, which gives rise to a new model of cross-border transactions and simplifies the payment experience in the region.
The key lies in the level of adoption of QR technology in each of the countries. In addition to the success achieved in Argentina, in Colombia the growth of the use of QR payments It already reaches 90% of operationsespecially in key cities such as Bogotá and Medellín, where QR is widely accepted in small and medium-sized businesses.
In Peruthe adoption of QR grew by 80% in the last year, driven by strategic alliances between banks and fintechs.
For its part, Brazil adopted the PIX payment system, which It has 90% acceptance in businesses that process more than 200 million QR payments per day.
The development of financial inclusion in Latin America
The creators of Depay evaluated that this context offers a fertile ground to explore, given that its infrastructure facilitates the interoperability and integration of the different payment systems in the region.
The fintech offers a solution that allows users to pay in businesses throughout Latin America using their digital wallet and their balance in local currency, no need to exchange cash or calculate exchange rates.
“The idea behind Depay was always to connect users with a broader network of businesses, no matter what country they are in,” he says. Joaquín Fagalde, CEO of Depay.
“From Argentina, we managed to develop a technology that provides security, comfort and, above all, inclusive access to digital payments throughout Latin America. We believe that this is one of the main ways to generate a positive impact on the regional economy,” he added.
The platform simplifies the payment process by providing a single connection that accepts wallets from any Latin American country and adapts them to the local needs of each market, turning them into regional payment tools. This feature is especially useful for travelers within Latin Americaas it eliminates the complications of cross-border payments.
“Traveling through Latin America and being able to pay digitally, without risks and without having to use cash, represents a fundamental change in your consumer experience. Depay provides the security and practicality that modern payments require, eliminating the risk of fraud and simplifying transactions in local currency,” explains Fagalde.
New business opportunities for digital wallets
From Depay they assure that the startup also opens a door to new business opportunities for digital wallets. Every transaction made via QR on your platform generates additional profit for these companies, they explain. And this not only diversifies its sources of income, but also strengthens its business model in the fintech market.
“This monetization system encourages digital wallets to integrate with Depay, creating an increasingly solid and accessible payments ecosystem throughout Latin America,” they add.
The intention is that through this alliance with Argentine fintech, the wallets can offer their users additional features that go beyond the mere payment transaction.
“The possibility of making payments in any country in the region without intermediaries or high costs results in a differentiating experience that not only retains current customers, but also attracts new users who value the practicality and convenience of digital payments,” adds Fagalde.
“QR technology is transformative for commerce in Latin America, and with Depay, we make the infrastructure available to any digital wallet user in the region. It is a strong commitment to digitalization and financial inclusion.”
“Knowing the demand of populations where there are smaller businesses and those who cannot count on card payment alternatives due to its high coststhe QR emerges as an accessible option for regional SMEs and microSMEs, therefore, the added value of our solution increases,” he concluded.
Source: Ambito
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