HotForex Partnered with PayRetailers for LATAM Region

Updated on official website, PayRetailers announced that it has partnered with HotForex, a foreign exchange and CFDs brokerage, which now offers users in Latin America a new payment method to streamline their despot and withdrawal transactions.

As a popular online payment provider, PayRetailers is well-known for serving clients in the foreign exchange industry and so it comes to no surprise that another partner of that sector joins forces with it– HotForex. 

PayRetailers has already helped other global brokers to enter the LATAM markets with a diverse suite of payment options through a single integration. More specifically, 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.

Based on the information in the release, 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 it alone. As such, the development gives HotForex's users in the region more access to the company’s products, while bringing greater efficiency and reduced operational complexity.

PayRetailers notes that 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 helps brokers and other firms widen their reach in Latin American countries by tapping into alternative payment method transactions.

The release showed, "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.”