Digital Banking: Brazil’s Nubank Reinforces Payments Unit, Leverages NuPay as a Payment Method on iFood

Nubank (NYSE: NU), which claims to be one of the world’s largest digital financial services platforms, announces NuPay – which is described as “the exclusive online payment service for Nubank customers – as the newest payment method on iFood, a Brazilian technology company.”

As of now, Nu customers can “make payments quickly and with more layers of security, in addition to having the possibility of having an additional credit limit – that is, being able to buy with a credit card in the iFood app without using up its limit.”

The service will “be available to all Nubank customers in Brazil in the coming weeks.”

With the expansion of digital services in recent years and the growing concern for data security, NuPay “enables purchases in a safe, agile, and efficient way without the need to fill in card details.”

The payment method “allows all purchases to be approved directly in the Nubank application in a few clicks.”

Livia Chanes, country manager of Nubank’s operations in Brazil, said:

“Nubank’s presence on iFood, a Brazilian technology company and a reference in delivery services in the country, is a big step we are taking to show the market and our customers all the potential benefits of NuPay as a payment method. One of NuPay’s great stand-out qualities is making it possible to increase the customer’s purchasing power with the possibility of an extra credit limit so that they do not compromise their card limit, in addition to the security and ease of a 100%-digital process of purchase and sale.”

In the experience of using NuPay as a payment method, Nubank “offers – depending on the customer’s profile and credit analysis – the possibility of an extra limit for different purchases.”

With that, the user can “purchase products or services at establishments that offer this payment option without using up their credit limit on the Nubank card.”

Thais Redondo, business director at iFood, remarked:

“We are delighted with our partnership with Nubank, which, like us, is a Brazilian technology company. In addition, the partnership with Nubank aligns with our culture of innovation, which permeates all iFood initiatives in favor of its ecosystem, made up of customers, delivery people, and restaurants. When we talk about payment methods, for iFood, it is important to offer its customers an option that is reliable and easy to use, as is the case with NuPay. Here, we work with strict security processes to protect the payment data of all our customers so that they can choose the best way to make their payments within our app.”

Launched in March 2022, NuPay was “developed as a practical, simple, and secure payment solution for online purchases.”

In addition to iFood, NuPay is “present in more than 160 e-commerce stores, such as Cônsul, Cobasi, Positivo Tecnologia, Reserva, and Tok&Stok, and in another 6 thousand establishments of Nubank PJ (legal entity) account customers.”

With just over a year since the launch and without investment in communication, more than 3 million transactions “have already been registered with NuPay.”

Livia Chanes added:

“In this first year of NuPay, we verified the adherence and efficiency of the solution both for merchants and customers. Having iFood within this ecosystem is yet another proof of confidence in our product to eliminate any complexity at the checkout of online purchases”,

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