Central America is anticipated to grow substantially in the next five years. Credit: justynafaliszek from Pixabay.

PayU, an online payment service provider, is set to enter the central American markets of Guatemala, Honduras, El Salvador and Costa Rica.

Considered to be a budding e-commerce market, Central America is anticipated to grow substantially in the next five years due to a surge in financial inclusion and access to internet.

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The region sees growing popularity in international shopping, which represented nearly two thirds of e-commerce activities in Panama and El Salvador last year.

As part of its expansion, PayU will provide card processing services for US dollars and various local currencies such as Lempira, Colon and Quetzal.

The service will be offered in compliance with Payment Card Industry (PCI) rules.

PayU plans to incorporate security and anti-fraud features like authentication protocol 3DS Secure 2.0 as well as improved machine learning tools to deal with payments-related risk.

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The firm seeks to provide its global and regional merchant partners with sizable revenue, through the expansion.

It also expects to add new merchants willing to benefit from Central America’s growing e-commerce market.

The company currently has presence in Latin America and in some parts of Central America, such as Panama.

PayU CEO of global payments business Mario Shiliashki said: “At PayU, our mission is to build a world without financial borders where everyone can prosper.

“Our expansion into Central America is another important step on that journey and it reflects our commitment to providing the smoothest online payment experience for consumers in high-growth markets and merchants globally.”

The latest move comes shortly after PayU called off a $4.7bn deal to buy Indian payments company BillDesk.