International FinTech company EBANX and Visa said they have grown their strategic partnership sealed by a participation agreement in Visa’s Money Transfer Merchant Program inked with Visa do Basil, according to a Thursday (Sept. 24) announcement.
The collaboration fortifies the association between the two firms and is geared toward providing payment services to global websites that sell to Brazil via EBANX offerings in addition to shoppers in the country who purchase from those sites, according to the announcement.
“Our goal at EBANX is to create access, offering the best payment services and solutions to connect Latin Americans and global businesses. It is a pleasure to have a partner such as Visa, with its reach, at our side in this purpose,” EBANX Co-Founder and CFO Wagner Ruiz said. “When it comes to merchants, the partnership seeks to streamline and improve integrations and processes for the payment offering to their consumers in Brazil, which, at the end of the day, contributes to improvements in sales in the country.”
EBANX, which was established in 2012, has operations in Brazil, Colombia, Argentina, Peru, Chile, Bolivia, Ecuador, Uruguay and Mexico. As it stands, EBANX provides more than 100 Latin American local payment options to international merchants. Some of the firms that harness the company’s offerings include Wish, AliExpress, Pipedrive, Uber, Spotify and Airbnb.
“With the growth of global digital commerce, an increasing number of consumers are looking for ways to consume products and services through international e-commerce stores. At the same time, foreign merchants want to increase sales and expand their businesses to Latin America and Brazil in particular. Based on this trend, Visa adapted its rules to facilitate and expand the commerce, and the access for Brazilian consumers to products and services from outside Brazil,” Marcos Marins, executive director of Sales for Commerce at Visa do Brasil said.
In January, EBANX was testing its EBANX GO digital wallet with 10,000 people on an experimental basis. The product is meant to solidify the company’s reach in the payments market of Brazil per news at the time.
Clients were invited to pilot the offering only by invitation, and there was a waiting list as of January. The app was rolled out in conjunction with Dock (of the Conductor Group) and Visa of Brazil.