Credit card platform Cybersource and Brazilian fintech firm EBANX recently announced that they have entered into a partnership with each other to streamline payments for customers across Brazil, according to media reports.
As a part of this partnership, Cybersource’s clients around the world will be able to access EBANX’s payment solutions for Brazil and customers will have the ability to pay online for products and services with local payment methods, including domestic debit cards, credit cards and instalments.
Fernando Pantaleão, vice-president of Visa do Brasil told the media, “Brazil is a strategic market for global retail, but it is also a very challenging country. 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. We offer a range of integrations that make it easy for merchants to securely accept payments and create seamless payment experiences across multiple channels and devices.”
In 2020, Brazil recorded the highest growth in domestic credit card payment with a 23 percent increase in usage from verticals like online retail, digital goods and services and travel. These credit cards also offer payment instalments and it was found that 75 percent of credit card users in Brazil split their purchases payments into instalment payments.
In May earlier this year, EBANX was looking for acquisitions in Latin America and creating a new platform called EBANX One to facilitate cross-border payments and local transactions in preparation for a possible initial public offering.