Business

EBANX's new payment solution allows international websites to accept Caixa debit card in Brazil

The new process has the potential to include several Brazilians in the world of online shopping. Today, only 3.5% of transactions in the country use debit cards

  • Debit cards are one of the most popular payment methods among Brazilians. There are about 115 million active debit cards in the country;
  • The new EBANX solution is available to all international websites that are clients of the fintech.

EBANX, the Brazilian fintech known for providing payment solutions from Brazil and other countries in Latin America to global businesses, such as AliExpress and Wish, is offering the virtual debit card recently launched by the Brazilian state-owned bank Caixa Econômica Federal to its international merchants. With this, international merchants of EBANX will be able to offer this payment method to their Brazilian consumers.

READ ALSO: Brazilian card industry considers contactless payments of up to BRL 100

Debit cards are one of the most popular payment methods among Brazilians. There are about 115 million active debit cards in the country, according to Brazil’s Central Bank, against 98 million credit cards. Last year, according to the Services and Credit Card Companies Brazilian Association (ABECS), debit card transactions accounted for BRL 664.4 billion (a 15,5% increase when compared to 2018) in the country, and those with credit cards, BRL 1.16 trillion (growth of 19.8% over the previous year).

Thing is that the vast majority of these debit card transactions are still made in physical purchases. Data from Americas Market Intelligence (AMI) show that only 3.5% of transactions made online in the country are made with this type of card. That is why initiatives like this can help to change this situation and include a group of Brazilians in the world of online shopping.

READ ALSO: Third largest Brazilian bank, Banco do Brasil now allows QR Code payments

“The acceptance of Caixa Econômica Federal’s new virtual debit card further reinforces EBANX’s greatest goal: to create access. It is a way of bringing even more into the global e-commerce an entire Brazilian population that uses this payment method. And at the same time, to create the bridge so that the greatest websites in the world can reach these consumers,” said Erika Daguani, B2B product director at EBANX.

How it works?

The new EBANX solution is available to all international websites that are clients of the fintech, and who want to offer this payment method to Brazilians. In order to start offering it, the website must integrate the EBANX solution as a new option in its checkout.

On the side of Brazilian consumers who have Caixa’s debit card, they only need to choose debit as the payment method at the checkout of the websites they are purchasing from, if this is an option offered by the website itself.