Banco Santander Brasil has introduced a new service to enable small merchants tap its card processor company GetNet to receive payments.
The move eliminates the need to acquire the Brazilian lender’s card reader machine to receive such payments.
With the step, Banco Santander Brasil aims to boost GetNet client strength with around 300,000 to 400,000 new additions as well as gain new clients, reported Reuters.
The small merchants can switch to GetNet by installing the app and connecting a mobile phone to the card reader machine.
GetNet chief executive Pedro Coutinho was quoted by the news agency as saying: “After acquiring a card reader machine, small merchants resist to move to a different card processor.”
The company will charge 2% on each credit and debit card transaction from the merchants.
In the card processing sector, the Brazilian bank is expected to face stiff competition from new entrants such as PagSeguro Digital and StoneCo apart from other established players.
Founded in 1982 in São Paulo, Banco Santander Brasil is a subsidiary of Spanish banking group. It has around nine million customers and operates a network of 3696 branches.
Recently, a Brazilian challenger Airfox partnered with Mastercard to bolster its footprint in the country. The step will enable Airfox to provide its banQi customers with access to digital and physical prepaid cards.
