Payment processor RS2 has signed a five-year processing agreement with an undisclosed financial services company in Latin America. The deal, worth several million euros, covers both acquiring and issuing services across multiple new markets.
Under the agreement, RS2 will provide acquiring services in Ecuador, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, the Dominican Republic, and Guatemala. Issuing services will cover Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, Panama, the Dominican Republic, and the Cayman Islands.
RS2, a Malta-based company listed on the Malta Stock Exchange, already operates in Brazil, Mexico, Colombia, Peru, and Argentina. Both acquiring and issuing will run on the company’s BankWORKS platform. Through the platform and other solutions, RS2 processes over 31 billion transactions annually.
Patrick Gauci, General Manager of RS2 Smart Processing, said: “This agreement marks another important step in RS2’s growth journey across Latin America. The region continues to present significant opportunities for digital transformation in payments, and we are proud to support our partner with a platform that is proven, scalable and built for complex multi-country processing requirements. While we are unable to disclose the client’s identity at this stage, the scope of the partnership reflects the strength of BankWORKS® and RS2’s long-standing commitment to enabling the next phase of payments growth across the region.”
The deal comes as Latin America expands its digital payment infrastructure. An Inter-American Development Bank report found that the number of digital transactions across six economies: Bolivia, Brazil, Chile, Costa Rica, Mexico, and Peru, tripled between 2019 and 2023.
Central banks are also active in several of the payment markets RS2 is now entering. As of 2024, central banks operate fast payment systems in Brazil, Bolivia, Costa Rica, El Salvador, Mexico, and Paraguay.
In some of the new markets, including Ecuador, Panama, and the Dominican Republic, payment cards already account for more than half of all transactions. However, these countries are also listed by analysts as markets where digital payment growth will accelerate mainly through growing acceptance among small merchants.
