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Electronic payment giant in Brazil, Cielo announces Cielo Pay for October

Strategy already adopted by fintechs should help the segment leader in the country to grow once again

app from Cielo payments company
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  • Cielo Pay, the payment accounts new platform of Cielo, will debut on October 14th;
  • The launch is aimed primarily at microentrepreneurs (merchants and self-employed professionals);
  • With the launch, the giant of electronic payment in Brazil tries to reverse its losses.

In a strategy similar to that adopted by fintechs like MercadoPago, Nubank, and Banco Inter, Cielo announced Cielo Pay’s debut on October 14th. With the launch, the giant of electronic payment in Brazil tries to reverse its losses by creating payment accounts ,and taking for itself a larger part of its customers transactions.

Although the launch is aimed primarily at microentrepreneurs (merchants and self-employed professionals), individuals will also be able to use Cielo Pay accounts. With such accounts, Cielo’s customers will not need to use physical card machines.

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Transactions will be made free of charge between customers with a payment account in Cielo itself. For clients of other financial institutions, transfers will cost $ 7.90 each.

“Now, Cielo’s relationship with the entrepreneur will go beyond selling; we will follow their daily journey as a seller and as a consumer,” company CEO Paulo Caffarelli told reporters. The information is from Forbes Brasil.

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In the last quarter, the company recorded a net profit of BRL 431.2 million, a decrease of 33% over the same period last year. Expanding the way it operates and the number of transactions by its customers in general is fundamental to Cielo’s recovery.