PayPal is introducing a new offering that will enable small and medium-sized enterprises (SMEs) to accept a wider range of payments online.

The initiative specifically addresses pressing challenges faced by emerging economies globally, such as financial inclusion hurdles, high inflation rates, limited banking access, exorbitant service fees, among others.

CLOWD9 will use its 3-D secure issuer service, designed for frictionless and reliable payment processing, for transaction authentication and Access Control Server.

The escrow accounts solution is open to Clear Junction clients and is designed for use by crypto exchanges who want to provide their clients with an additional layer of security.

The solution is based on the Way4 digital payment platform and is designed for CaaS providers who prioritize a digital-first customer payment experience.

The proceeds will be used to set up regional hubs throughout Asia, North American and Europe.

Users can quickly connect to Paysend’s global payments network and instantly and cost-effectively send funds to 25 countries and currencies seven days per week, 365 days per year.

Founded in 2016 in Nigeria, the San Francisco-headquartered, specializes in individual and consumer transfers, one of several fintech firms aiming to facilitate and capitalize on Africa’s booming payments market.

COVID-19 has dramatically increased reliance on real-time and digital payments, leading to a 41 percent surge in real-time payment transactions from 2019 to 2020.

dLocal is growing its payment network to include three countries in Central America and the Caribbean, while SafetyPay has collaborated with Latin America’s Rappi.