dLocal, a leading cross-border payment platform, and Zepz, the parent company of prominent remittance brands WorldRemit and Sendwave, have announced a strategic partnership aimed at improving payment efficiencies across emerging markets in Africa, Asia, and Latin America.
This collaboration seeks to address the significant challenges these regions face due to limited banking access and the high costs associated with cross-border payments.
Emerging markets across Asia, Latin America, and Africa frequently encounter difficulties with cross-border transactions, hindered by inadequate banking infrastructure and prohibitive costs. Despite the growth of digital wallets and instant payment systems, many in these regions remain underserved due to issues with interoperability and accessibility. With billions of dollars flowing into these areas, enhancing payment solutions has become crucial.
The partnership will leverage dLocal’s extensive network and technological expertise to provide Zepz with enhanced capabilities to manage cash flows and expand into new markets efficiently. This collaboration is set to reduce the overall cost of transfers while increasing the speed and efficiency of service delivery to banks and digital wallets globally.
Both companies anticipate that their joint efforts will open up more avenues for digital cross-border transfers, further bridging the financial gap faced by migrants and enhancing the remittance experience in underserved markets.
dLocal specializes in navigating high-growth markets, offering global enterprises the ability to manage payments efficiently through its “One dLocal” concept, which includes one direct API, one platform, and one contract. This integration simplifies the payment process, allowing companies to focus on expansion without the hassle of managing multiple payment processors.
On the other hand, Zepz operates through its subsidiaries, WorldRemit and Sendwave, which focus on reducing barriers to finance, increasing safety, and providing convenience for their users. Together, these brands serve over nine million users, facilitating financial transactions across over 4,600 corridors.
Zepz’s Global Head of Business Development & FX, Amish Chande, highlighted the benefits of the partnership, “Affordable transfer rates are a significant advantage when it comes to enabling money transfers in emerging markets. As established leaders in facilitating payment entry to emerging markets, we look forward to growing a deep partnership with dLocal. Ultimately, our objectives are to ensure an unparalleled experience for cross-border remittances while addressing the financial gaps and challenges migrants face.”
Agustin Botta, Head of EMEA at dLocal, also expressed enthusiasm about the collaboration, “It’s always a pleasure to partner with some of the world’s largest like-minded players in enabling payment systems for emerging markets, and this opportunity with Zepz provided exactly that. We look forward to the prospect of this partnership with achieving their goals of expansion.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
