HotForex Taps PayRetailers Payment Services for LATAM Region

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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term,” 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 CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term), 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.