AstroPay, a fintech firm, is broadening its reach in Latin America by providing its payment link solution to small and mid-sized enterprises (SMEs) in Peru, Chile, Mexico, and Colombia. This action represents a crucial stride toward the company’s objective of expanding its payment link service globally, which was initially introduced in Brazil in December 2021.
AstroPay’s payment link solution enables businesses to receive payments online by sending a payment request to clients through a hyperlink or SMS message. This simplifies the payment process for businesses, while customers benefit from the ease of paying in their local currency or USD.
Latin America is a vital market for AstroPay, as the area experienced an almost 11% rise in the number of SMEs between 2020 and 2021. With an impressive 29,249 new SMEs in 2021 alone, the growth potential is substantial. This is particularly evident in Mexico and Peru, where SMEs constitute 99% of all businesses.
Mikael Lijtenstein, Chief Executive Officer of AstroPay, emphasized the demand for readily available online payment choices for smaller enterprises, saying: “Numerous micro and small enterprises have a transaction volume that falls short of the financial feasibility limit for accepting credit card payments, so they require online payment alternatives that not only unlock a realm of fresh revenue channels and prospects but also empower them to contend with larger corporations.”
Utilizing payment URLs offers significant advantages for enterprises, as they reduce expenses and are incredibly user-friendly. This proves especially beneficial for organizations requiring swift adaptability. AstroPay’s payment URLs serve as a prime illustration, empowering small businesses to provide their clientele with a rapid and budget-friendly transaction process.
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