MetroBank and PayPal consolidate alliance for electronic payments

Posted on 2022-09-06

 A strategic alliance to promote PayPal as a payment method so that businesses that use electronic commerce can boost their sales, was made official between MetroBank and PayPal.

This alliance will be a collaboration between MetroBank and its strategic partner Impesa, who, together with PayPal, will accompany and provide companies with all the necessary advice to integrate this state-of-the-art platform that allows customers to pay for services and products with all the credit and debit cards, both international and national.

Similarly, this union will make it easier for companies to receive payments from abroad and in Panama, and increase security, fraud detection and risk management of payment transactions received through PayPal.

Once the funds have been obtained, local companies will be able to dispose of their resources through the transfer service to their Panamanian bank accounts provided by MetroBank, through the Kipo platform.

According to Gustavo García de Paredes, Vice President of Technology and Means of Payment at MetroBank, their digital transformation plan advanced successfully in the midst of the pandemic hand in hand with PayPal and Impesa, for which they worked hard to perfect this alliance.

“Through this alliance we strengthen the leadership that has characterized us in the electronic commerce sector in Panama, we join the world leader in electronic payments that has more than 429 million users in more than 203 countries and moves more than US $320 million worldwide.

He assured that to accompany local and international companies to boost sales through electronic means, there is no doubt that this is the only way to continue growing in a world that changed with the pandemic, and that accelerated its vitalization in all areas.

"We have shown once again that we are a resilient financial institution that has advanced and continues to adapt to an innovative banking dynamic, working towards the goals we have set for ourselves," said García de Paredes.

Meanwhile, Christopher Music, Operations Director of Impesa, indicated that this relationship is very interesting because they took the best of different worlds to bring the solution that is with the latest technology and is really making a difference.

"The platform does two things, the first is to help integrate the different important businesses with PayPal, and the second is to help bring the funds received in PayPal to Panama," said Music.

He added that this solution is not only for large clients, but medium clients such as tour operators, hotels or law firms can take great advantage of this platform.

"We see potential in Panama since it is an exciting market for us as owners of the Kipo platform, we believe that the potential here is much higher than that of Costa Rica for several reasons," he assured.

For his part, Leonardo Serta, head of Market Development for PayPal Latam, mentioned that strengthening this platform through strategic associations has been one of the greatest priorities, and Latin America is one of those markets because they have more than 20 million customers.