eCommerce credit card payment platform Cybersource and Brazilian FinTech EBANX announced on Monday (Oct. 18) a collaboration that will streamline payments for customers across Brazil.
The partnership means Cybersource’s clients can access EBANX’s payment solutions for Brazil and in turn offer their Brazil-based customers the ability to pay for products and services online with debit cards, credit cards and buy now, pay later (BNPL) installments.
“Brazil is a strategic market for global retail, but it is also a very challenging country,” said Fernando Pantaleão, vice-president of Visa, Brazil, in the joint announcement. “Payment Gateway is a Cybersource solution that expands international business on a global scale by offering easy access to a worldwide network of payment connections and trusted sources of regional expertise.”
Domestic credit card usage was up 23% in Brazil in 2020, and was the country’s fastest-growing payment method within digital commerce, including online retail, digital goods and services and travel, according to EBANX/Americas Market Intelligence data. Recent data from the Brazilian Internet Association (Abranet) also found that 75% of credit card users in Brazil split their purchases payments into installment payments.
Brazil’s eCommerce market is expected to grow by more than 40% this year and realize double-digit upticks through 2024, according to EBANX/AMI data.
“Having a localized payments strategy that considers installments and domestic credit cards and debit cards is a key way to seize the potential of Brazil’s growing digital commerce sector,” said Henrik Nilsmo, Chief Commercial Officer of EBANX, in the joint announcement.
“It is a powerful thing, when you pay attention to consumer behaviors and reflect them into new products for your customers,” he said. “This is precisely what Cybersource is doing, and why we decided to partner with them in this endeavor. It ultimately means more bridges and more access for Brazilians and global companies.”
Related: Brazil’s FinTech Ebanx Readies IPO, Eyes LatAm Acquisitions
In May, EBANX was looking at acquisitions in Latin America and creating a new platform called EBANX One to incorporate cross-border payments and local transactions in preparation for a possible initial public offering.
In March, PYMNTS reported that EBANX planned to expand its operations in Central America, starting in Costa Rica. At the time, the company also planned to launch in other countries like El Salvador, Panama, Guatemala and the Dominican Republic in the first half of this year.
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