From eCash to eWallet: Paysafe Taps Peru’s Mobile Boom with PagoEfectivo

Paysafe is doubling down on Latin America with the launch of its first digital wallet in the region, evolving its popular Peruvian eCash brand, PagoEfectivo, into a full-fledged wallet app. The move positions the NYSE-listed payments platform (PSFE) to ride Peru’s fast-growing digital payment wave, where trust in traditional cash alternatives is high—and appetite for mobile-first solutions is rising.

Initially available for Android via Google Play—fitting, since 86% of Peruvian smartphone users are on Android—the new PagoEfectivo wallet lets users instantly fund accounts, make online purchases, receive payouts from participating merchants, transfer money peer-to-peer, and pay via CIP (Código de Pago). iOS support and more features are reportedly on the way.

For Paysafe, it’s a natural evolution. PagoEfectivo has long been a go-to for Peruvian consumers buying digital goods, booking travel, or gaming online. But the shift from eCash to a mobile wallet reflects broader regional trends: Latin America’s digital economy is booming, and consumers want convenience that still feels familiar.

“We’re giving consumers a more convenient way to pay—one that reflects Paysafe’s commitment to powering the experiential economy,” said CEO Bruce Lowthers. According to an in-house survey, 81% of Peruvian respondents said they’d use a digital wallet from PagoEfectivo, showing clear demand for a localized solution.

Star Power & Experiential Marketing: A Wallet with a Big Rollout

To cement the launch, Paysafe is rolling out one of its biggest local marketing pushes yet. Beloved Peruvian actor Carlos Alcántara (aka Cachín) joins as brand ambassador, starring in a high-profile national campaign spanning TV, digital, outdoor, and out-of-home placements. It’s a move designed to build familiarity—and lend some star power—around a new digital tool aimed at long-time eCash users.

And then there’s “PagoEfectivo Universe,” an immersive in-person experience running July 10–26 in Lima’s Santiago de Surco district. The interactive pop-up is designed to demystify digital payments while driving adoption through games, influencer appearances, and giveaways. Think experiential fintech meets family-friendly theme park, all wrapped in a payment app pitch.

Why This Matters: The LatAm Fintech Race is On

The launch comes amid fierce competition in Latin America’s digital wallet space. Global players like PayPal, Mercado Pago, and Nequi are expanding aggressively, while local banks and telecoms roll out their own mobile wallets. Peru, while still relatively underbanked, is seeing strong digital uptake post-COVID—making it a prime battleground.

Unlike many competitors chasing a top-down fintech play, PagoEfectivo brings grassroots credibility. Its legacy as an eCash solution means it already speaks to consumers who prefer cash—but want the benefits of digital. That’s a huge edge in a region where trust, accessibility, and mobile coverage vary widely.

And for Paysafe, it’s a broader bet on turning cash-reliant markets into mobile-first economies. The wallet could become a launchpad for additional services—microloans, savings tools, or even embedded finance—if adoption sticks.

In a region where fintech growth is often tied to trust and local relevance, Paysafe’s PagoEfectivo wallet combines brand recognition with a mobile-first strategy. It’s a calculated pivot to meet Peruvians where they are—on their phones, in a hybrid cash/digital economy—while nudging them toward a more modern payments future.

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