Benzinga | Feb 23, 2021 07:09AM EST

dLocal Reports Partnership With Lightspeed To 'allow Lightspeed merchants to accept local payment options across Latin America,' No Terms Disclosed

dLocal, the foremost payment platform connecting global merchants to emerging markets, and Lightspeed (NYSE:LSPD) (TSX:LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced a new partnership. The collaboration will allow Lightspeed merchants to accept local payment options across Latin America as the small business market in that region undergoes a rapid digital transformation.

The direct integration, now live in Mexico, enables Lightspeed eCommerce merchants to effortlessly start accepting local payment methods in Mexican pesos. This industry-specific solution will allow merchants to facilitate direct bank-to-bank transfers through Mexico's SPEI system, accept cash through digital voucher payments such as Oxxo, and accept local credit and debit cards such as Visa, Mastercard, American Express or Mexico's Carnet Debit.

This year, online spending in Mexico is projected at $48 billion, with only 26% of Mexico's online purchases paid via domestic debit and credit cards. OXXO, the leading cash payment method in Mexico, generates 20% of eCommerce sales in the country, according to dLocal data. With the ability to offer a wider variety of payment methods, Lightspeed merchants can expect a revenue injection from new customers with increased access to their merchandise.

dLocal empowers Lightspeed to advance local payments experience through a strategic approach

"Local payment methods are able to reach a broader audience in countries like Mexico where over a third of the population prefers alternatives to credit cards when paying for online goods and services," said Rodrigo Sanchez Prandi, Senior Vice President of Product at dLocal. "At dLocal, we know local payment preferences and habits in emerging markets. We're proud to partner with Lightspeed on this solution as they continue their mission to simplify business for SMBs."

"We believe commerce belongs to everyone," said Peter Dougherty, Vice President of Partnerships at Lightspeed. "dLocal offers one of the most exhaustive alternative payment platforms currently available, which allows Lightspeed merchants to easily accept the payment methods their customers are looking for, eliminating friction during checkout and increasing conversion rates. This opens up a broad range of new customers to now pay for their purchases directly on the merchant's website, furthering Lightspeed's mission to become the most advanced commerce platform for high-performing businesses throughout the world."