The Paysafe financial report shows interesting results for Latin America
Paysafe, the payments company to which the Neteller and Skrill digital wallets belong, as well as the paysafecard prepaid card, has made public the financial report corresponding to the third quarter of this year with interesting results. In addition to announcing that the firm experienced growth in both revenue and total payment volume, Paysafe has also reported expansion in Latin America and, above all, in Argentina. Paysafe will open its North American headquarters in Florida shortly.
Through its eCash solution, which includes paysafecard and Paysafecash, the Paysafe payment system enters the Argentine digital payments market. ©Jonathan Kemper/Unsplash
The financial report of Paysafe (paysafecard, Paysafecash, Neteller, Skrill) corresponding to the third quarter of 2022 was published on November 10th. In it, the London-based company, has highlighted a significant increase in turnover .
- The total volume of payments increased by 5% compared to the same period the previous year, standing at 32,500 million dollars.
- Revenue increased by 4% to $366 million.
The CEO of Paysafe stated in press release the following:
“We are pleased with our third quarter financial results, which include constant currency revenue growth of 10% year-on-year, marked by the vitality of the US SME market and the improvement in digital commerce. I want to thank our employees for their hard work and dedication during this period of change and I am confident that the actions we are taking to reinvigorate growth will prepare us to continue improving in 2023 and beyond.”
Growth and expansion in Latin America
One of the highlights in the Paysafe report has been its express reference to Latin America where it has experienced significant growth . In North America it has also grown significantly reporting a increase in income of 12% during the third quarter and so far this year. Paysafe has entered the Kansas state iGaming market.
- Expansion in Latin America with the opening of 10 new markets and also in Argentina with its market-leading eCash payment solution .
- Award for innovation in payments at the SBC Awards Latin America, which recognizes the contribution of operators and digital platforms to the development of the iGaming sector in the region.
Paysafe's eCash offers an online payment option by integrating a pre and post payment solution guaranteed that includes the paysafecard and the Paysafecash online purchase system , as explained from the company itself. The movement in Argentina is important because, according to sources, the percentage of people in Argentina who lack a credit card is very high, close to 76%, while 20% of the population would lack a bank account.
Through the eCash solution, from Paysafe it is expected stimulate e-commerce given the penetration of mobile technology among the Argentine population . The growth projections of the digital market are more than 58% for this year and more than 61% for 2025. This includes the iGaming sector, regulated in Argentina, one of the sectors in which Paysafe has the most interest.
The return of Paysafe to the Argentine market, from which it had to leave in 2019 due to regulatory problems, is very relevant for the remote gambling industry. The company offers one of the payment solutions that best suits the financial idiosyncrasies in Latin America. Chirag Patel, leader of digital wallets, commented that the firm had been considering the great potential of Argentina for the growth of e-commerce for some time. Thanks to its eCash solution, Paysafe applies as well as one of the leaders of cardless payments in the iGaming market .
“We are delighted to be operating again in Argentina, where e-commerce and online financial services are growing rapidly, while the population continues to be underserved in terms of cards. We see great potential here to help our international business partners to offer the right payment options to their customers and to carry out more transactions.” – Chirag Patel , leader of Paysafe's digital wallets, in press release
