THE PANDEMIC HAS UPENDED the idea of “business as
usual.” For consumers, lockdowns radically changed daily
behaviors with the need for strict social distancing. For
businesses, staying afl oat has often meant quickly adapt-
ing to sudden market changes.
On the upside, businesses that have risen to the
challenge may fi nd that they’re better positioned for
growth. Take the expanding market for e-commerce and
non-credit-card digital payments, for example. Gustavo Ruiz,
CEO of SafetyPay, which operates the largest non-card
network of banks and collection points in Latin America,
says around 50% to 60% of consumers in emerging
economies have bank accounts, but only about 40%
of them use a credit card. And in Latin America alone,
alternative payments such as bank transfers and cash
payments powered $37 billion in e-commerce spending
last year, according to an April 2020 report by Americas
Market Intelligence. “That’s a huge market that’s not being
serviced by credit cards,” Ruiz says.
Since its founding in 2007, SafetyPay has built part-
nerships with 380 banks and established a foothold in 17
countries in Latin America and Europe. It boasts 1.2 million
monthly transactions, none of which involve credit card fees.
And SafetyPay ensures a high degree of fraud prevention.CONTENT FROM SAFETYPAYKEEPING ONLINE
TRANSACTIONSSAFEProtecting consumers andbusinesses from digital fraudpresents challenges—andopportunities.Consumers are rightfully wary of online fraud. Accord-
ing to the Federal Trade Commission, 1.7 million reports
of fraud were received last year, leading to $1.9 billion
in losses. But SafetyPay has built a scalable payment
platform that ensures real-time transactions that don’t
require consumers to submit credit card numbers. “We’ve
basically created a closed-loop network that ensures
there’s no fraud or fi nancial information shared,” says Ruiz.
To further increase security, SafetyPay has turned to
machine learning. “This has allowed us to become more
cognizant of who’s coming to our platform, how many
times they’re using us, even the sort of transactions
they’re performing,” Ruiz says. That not only brings peace
of mind to consumers and merchants alike; it also makes
for more effi cient transactions.
SafetyPay’s expansive strategies and safety protocols have been
key as its platform has adapted to the world’s new realities. In 2020,
SafetyPay saw rising demand in several areas, including gaming
platforms, delivery services (such as its partnership with Rappi), private
schools shifting to online payments, and cross-border transactions as
digital companies sought new global markets.
“The companies that are not doing so well took a more passive
approach,” Ruiz says. “But we’ve stayed focused on building a robust,
secure environment for consumers.” And that will provide a wealth of
opportunities in 2021 and beyond. ■SafetyPay,
the most secure
and largest
payment network
in Latin America.
Contact us at
[email protected]safetypay.com