EBANX, a Latin American fintech specialised in local payment solutions for global merchants, has partnered with PicPay, the largest digital wallet in number of users in Brazil, to offer a new payment option in the country.
International companies that adopt EBANX’s solutions to sell in Brazil through digital payment accounts can now offer PicPay as one of its payment options, expanding their Total Addressable Market in the largest economy in Latin America, and giving access to millions of Brazilians to global products and services.
Erika Daguani, B2B product director at EBANX, said: “Our main goal at EBANX is to create access through payment solutions. This is why we are very happy to announce this integration with PicPay, a widely known e-wallet in Brazil, which will allow more and more Brazilians to connect with global products and services, and international companies to reach consumers that don’t necessarily have a credit card or a bank account.”
PicPay has 34 million users in Brazil – the largest users amount compared to other digital wallets – and is currently accepted in over 3 million stores throughout the country. Customers can also use PicPay to split payments in instalments, a preferred way for Brazilians to buy products and services. The partnership with EBANX marks PicPay’s first step into the international market.
“This partnership provides our users with a great opportunity of expanding their online shopping experience with PicPay. By now, they have been able to make payments in national stores only. Now they will be able to use our solution in a variety of international merchants that fit their needs as well”, said Elvis Tinti, Chief Commercial Officer, PicPay.
PicPay has been growing steadily since 2012 when it was launched. In 2020, the company registered a growth of 126% in number of users, which proves that Brazilians are welcoming digital payments and digital wallets. “Being a tool for Brazilians to buy globally is an important step forward for us, and we are happy to partner with EBANX for it”, added Tinti.
A growing market
With this partnership, EBANX reinforces its presence in the digital wallets market – which is expected to reach almost 50% of transactions on e-commerce by 2022, according to Bain Consultancy.
In Latin America, digital wallets have gained special traction during the pandemic, not only because they allow easy access to e-commerce, but also because of the distribution of emergency aid during the pandemic, which was extensively done through e-wallets.
“Digital wallets are an instrument of financial access for thousands of consumers in Latin America who do not have a bank account, or who simply opt for the ease of having the data already stored in one single place,” said Daguani. “Connecting with players such as PicPay is crucial for international companies that want to seize the e-commerce market in Brazil.”