MIAMI, 7 December 2021. Curaçao based CX Pay B.V. today announced that the FinTech company has selected the payment and anti-fraud platform Cybersource, a Visa solution, to broaden its service offering while further increasing its application's compatibility to serve a progressively wider market.
CX Pay first offered online payment services in 2016 and has grown its partner and client base across the Latin America and Caribbean region. At the time of the announcement the company had provided solutions to merchants in 28 markets throughout the Pan-Caribbean area and beyond, with a number of special integrations.
Over the preceding 5 years the e-commerce facilitator's merchant base grew at a compound annual rate of 54.2%, which produced compound annual growth of 129.6% in the number of transactions and 209.8% in sales volume.
What both sides said
"After 5 years of laying the foundation for payments innovation in the region, CX Pay is ready for the next level and teaming up with Visa's Cybersource technology is a logical step towards realization of the company's next growth wave," said Luis Santine, Chief Executive Officer of CX Pay.
"The new partnership with CX Pay and Cybersource will bring innovation and new acceptance solutions to support growth and higher competitiveness amongst merchants in the Caribbean," said Jorge Salum, Senior Business Development Leader Caribbean Countries at Visa. "Cybersource, a Visa wholly owned subsidiary since 2010, will help small businesses reach a larger number of consumers. At Visa, we know that merchants' prosperity contributes to the growth of economies."
What it unlocked
Alongside its merchant base, CX Pay had established a network of banks active in e-commerce across the region. The company's compatibility with airline, booking and tourism software, together with regular retail and digital services platforms, had made it a preferred e-commerce partner for a growing number of merchants.
The collaboration with Cybersource allowed CX Pay to offer service in additional territories and to build new payment features on current technology. It also made it possible to support merchant platforms such as Shopify and many other software providers, and to maintain security standards including 3D Secure 2.0 and other risk tools, along with newer acceptance technologies such as tap on glass.
Where that has led
5 years on, the direction set out in this announcement is visible across the platform. CX Pay now operates in more than 30 territories with 21 banking partners, supports more than 70 local payment methods alongside the card networks, and runs tap to pay acceptance on Android handsets, which is the technology described here as tap on glass. The anti-fraud layer described in 2021 is now 3D Secure 2.2 with real-time screening and dispute management.