Cybersource, a Visa solution, and Ebanx, an international payments Fintech that is focused on Latin American (LatAm) markets, have entered into a partnership for handling payments in Brazil.
Cybersource’s customers across the globe will have access to EBANX‘s payment services for Brazil, and provide their clients in the South American nation with the option to make online payments for products and services using domestic payment methods, such as local debit cards, credit cards and flexible installments.
Fernando Pantaleão, VP at Visa (Brazil), stated:
“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.”
Local credit cards had been the fastest-growing payment method within the e-commerce sector in Brazil last year – with a 23% increase in overall usage – considering segments such as online retail, digital goods & services and travel, as confirmed by data from EBANX/Americas Market Intelligence – AMI.
These are reportedly the same credit cards that support installments, frequently used by consumers residing in Brazil – and recent data from the Brazilian Internet Association (Abranet) reveals that 75% of credit card users in the country have been splitting their payments into more manageable installments.
These are two of the main payment preferences within Brazil, which is one of the fastest-growing digital commerce markets in the world. It’s on track to expand by over 40% in 2021 and maintain an accelerated double-digits pace of growth for the next few years, according to data provided by EBANX/AMI data.
Henrik Nilsmo, Chief Commercial Officer of EBANX, remarked:
“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. It is a powerful thing, when you pay attention to consumer behaviors and reflect them into new products for your customers. 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.”
