Cybersource, a Visa solution, and Ebanx, global payments fintech company that specializes in Latin America, announced a new partnership for payments in Brazil.
From now on, Cybersource’s clients around the world will be able to access EBANX's payment solutions for Brazil, and offer their customers in the country the ability to pay online for products and services with local payment methods, including domestic debit cards, credit cards and installments.
“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,” said Fernando Pantaleão, vice-president of Visa do Brasil.
Domestic credit cards were the fastest-growing payment method within digital commerce in Brazil in 2020 – with a 23 percent increase in usage – considering verticals like online retail, digital goods & services and travel, as shown by data from EBANX/Americas Market Intelligence - AMI. These are the same credit cards that allow installments, widely used by Brazilians – recent data from the Brazilian Internet Association (Abranet) found that 75 percent of credit card users in Brazil split their purchases payments into installment payments.
These are two of the payment preferences within Brazil, one of the world’s fastest-growing e-commerce markets, that is expected to grow by more than 40 percent this year and maintain an accelerated double-digits pace of growth until 2024, according to EBANX/AMI data. Together with debit cards – that accelerated by 16 percent in usage within digital commerce in Brazil during 2020, they are very important for a successful online sales strategy in the country.
"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. "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."