HotForex, a foreign exchange and CFD brokerage, now offers users in Latin America a new payment method to streamline their deposit and withdrawal transactions. The multi-regulated firm has partnered with PayRetailers, which already helps other global brokers to enter the LATAM markets with a diverse suite of payment options through a single integration.
Being among popular online payment services in the region, PayRetailers has a network of local brick and mortar offices in multiple Latin American countries with operations spanning population heavy countries, such as Chile, Peru, Mexico, Brazil and Argentina.
The landscape of payment processing in Latin America, where 50% of the region’s population is unbanked, is particularly complex and nearly impossible for any broker to navigate alone. As such, the development gives HotForex’s users in the region more access to the company’s products, while bringing greater efficiency and reducing operational complexity.
“It is not enough to offer the generic payment options like classic credit card solutions, modern e-wallets or solutions like Google or Apple Pay. Especially the Brazilian market hosts 68% of the banked population in LATAM that has credit cards, while only 19% of it is able to make cross-border payments,” PayRetailers said.
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The Barcelona-based startup helps brokers and other firms widen their reach in Latin American countries by tapping into alternative payment method transactions.
“Apart from that HotForex can work on expanding the business to more countries as we offer all major forms of payment in other countries, like Argentina, Colombia, Costa Rica, Ecuador, El Salvador, Panama and Peru. The main advantage for partners of PayRetailers is the access to the cash-based payment types which are still the main pillars of money transfers in LATAM as well as access to all major modern APMs,” the company further states.
HotForex is a brand name of HF Markets Group and presently holds licenses under the Financial Sector Conduct Authority (FSCA) in South Africa, Financial Services Commission (FSC) of the Republic of Mauritius, Cyprus Securities and Exchange Commission (CySEC), Seychelles Financial Services Authority (FSA) and is incorporated in St. Vincent & the Grenadine as an International Business Company.
Finance Magnates last reported on the firm last month when it signed French soccer team, Paris Saint Germain to become its Official Partner for the 2020-21 season.