Emerging market payments leader enables its merchants to accept and distribute local payments in Costa Rica, Panama, and the Dominican Republic.
dLocal, the leading cross-border payment platform connecting global merchants to emerging markets, today announced it has expanded its payments network to include three markets in Latin America and the Caribbean: Costa Rica, Panama, and the Dominican Republic.
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Leveraging a proprietary and flexible API-based payments technology platform, dLocal now supports over 300 local payment methods in 23 emerging market countries, including the top five emerging markets in the world by population (Brazil, China, India, Indonesia, and Mexico). Merchants integrate just once to dLocal’s API to accept payment in any of the 23 countries where dLocal operates across LATAM, APAC, Middle East and Africa and can do so without a physical presence. This expansion comes less than a month after dLocal secured $200 million in new funding to become one of Latin America’s best funded venture-backed companies. dLocal is using this funding to aggressively add more than 13 markets to its coverage in the next 18 months.
dLocal’s recent expansion includes the following payment methods:
- Credit Cards: Merchants that wish to sell in Costa Rica, Panama, and the Dominican Republic can now accept locally bank-issued credit cards branded from either Visa or Mastercard. According to research from dLocal, the three countries combined account for more than 2.7 million e-commerce shoppers making $6.5 billion in purchases in 2019.
- Debit Cards: dLocal is also adding Tarjeta Clave in Panama. The local debit card is one of the main payment methods in the country, with more than 2 million cards in circulation.
- Cash: Merchants that wish to add cash payments in Costa Rica can now accept Tucán Cash. Tucán is a banking platform from the Bank of Costa Rica allowing their consumers to make cash deposits at over 4,300 service points such as supermarkets and hardware stores across the country as a supplement to bank branches. Additional cash payment options in Panama and the Dominican Republic will be shortly added to dLocal’s offering in those countries.
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“The payments infrastructure in regions such as Latin America and the Caribbean is often complex and fragmented,” said Michel Golffed, VP of Growth of dLocal. “Companies that enter these markets without the ability to accept locally-relevant payment methods are often unintentionally limiting their reach and hindering their growth. As part of our mission, we develop deep expertise in each local market we serve, and we’re pleased to add Costa Rica, Panama, and the Dominican Republic to the growing list of countries available to our clients.”
The addition of Costa Rica, Panama, and the Dominican Republic expands the total reach available to dLocal’s 450 clients to an estimated 2.3 billion consumers. dLocal serves clients across a variety of primarily online-based business verticals, including e-commerce, SaaS, digital media, sharing economy & marketplaces, travel & tourism, and financial services companies.
