PayPal will be expanding into Latin America, after announcing that it has established an alliance with Mexican telecommunications giant América Móvil.
“We’re partnering with some of the leading mobile companies around the world. You’re beginning to see this vision come to life of PayPal being the partner of choice that helps merchants and consumers transact and move money in the world of digital commerce.”, said Dan Schulman, CEO of PayPal.
The alliance’s focus will be on a new mobile wallet platform, which will allow users to make purchases by using their smartphone. Through this partnership, PayPal plans to target users in Brazil and Mexico. América Móvil has over 280 million subscribers, while PayPal has nearly 180 million subscribers which are based mostly in the US and Europe.
PayPal has teamed up with América MóvilThis closely after establishing and announcing a payments services deal with Vodafone in Europe.