Paysafe has introduced its first digital wallet in Latin America, launching PagoEfectivo in Peru. This marks a significant expansion into a rapidly growing digital payments market.
The PagoEfectivo wallet offers Peruvian users a range of features including instant fund loading, seamless online purchases, rapid merchant payouts, and peer-to-peer transfers facilitated by a unique Código de Pago (CIP) system. Internal Paysafe research indicated strong consumer demand, with 81% of surveyed Peruvians expressing interest in using a PagoEfectivo digital wallet.
This launch aligns with Paysafe’s strategic refocusing on high-growth sectors. The digital wallets segment contributed significantly to Paysafe’s fiscal year 2024 (FY24) revenue, generating $766 million—a 4% year-over-year increase that outpaced other company divisions. This success follows a 6% overall revenue increase for Paysafe in FY24, reaching $1.71 billion. The company’s strategic shift involves divesting from direct marketing payment processing to concentrate on rapidly expanding areas such as digital wallets.
Paysafe’s CEO, Bruce Lowthers, highlighted the existing consumer trust in the PagoEfectivo brand across various sectors, including iGaming, digital goods, travel, and e-commerce. The new wallet aims to enhance payment convenience for these existing customers. The launch is supported by a substantial national marketing campaign featuring prominent Peruvian actor Carlos Alcántara. Further engagement initiatives include a temporary interactive promotional space, the “PagoEfectivo Universe,” in Lima, offering consumers hands-on app experience and opportunities to interact with influencers.
Paysafe’s financial results for FY24, as reported by CFO John Crawford, confirmed that core businesses, including the digital wallets segment, met expectations. This expansion into Peru follows previous growth strategies in Europe and North America, building on the company’s success, as evidenced by their “Payment Solution of the Year” award at the 2025 EMEA Global Gaming Awards.
