Worldline (Euronext: WLN), a European payment and transaction services provider, announced on Monday that it and payments platform giant PayPal have extended their contract in order to facilitate mobile payments in Latin America. Under the terms of the agreement, which was extended for an additional three years, Worldline will continue to facilitate mobile payment processing in Brazil and Mexico to support the growth of mobile payments in the region.
“The relationship between PayPal and Worldline dates back to 2006, when Worldline supported PayPal with one of the first industrial solutions available in the mobile payments space. Since then, Latin America’s growth rates in mobile payments have significantly exceeded the global trends in customer behaviour. According to Ovum, the number of mobile payment users in the region will triple, with transactions increasing seven-fold over the period 2017-2021.”
While speaking about the collaboration, Vincent Roland, Managing Director Merchant Services of Worldline, stated:
“Worldline is excited to be working for one of the world’s largest players in cashless payments. Facilitating mobile payments for PayPal in Latin America is a high volume business, and we are well positioned to manage the expected continuous growth rates.”
Federico Schumacher, General Manager for Paypal Brazil and Mexico, added:
“I am pleased about the expansion of PayPal’s relationship with Worldline. Being able to work with a familiar and trusted partner is an asset in the fast-paced environment of digital payment.”