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July 28, 2020

Caixa taps Visa to offer virtual debit card for online purchases

Brazilian lender Caixa Economica Federal (CEF) has partnered with Visa to launch a virtual debit card for online purchases.

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The card will be available through the CAIXA app and is said to assist in financial inclusion for online shoppers.

Consumers need not use their physical card data to transact online.

The card contains 16 digits, expiration date and dynamic security code.

For each transaction, the card generates a new security code (CVV) for additional security.

The card comes without annual or maintenance fees and can be used at online stores across the country.

Visa Brazil VP of business development Eduardo Barreto said: “We strongly believe in the strength of a virtual debit solution, in addition to being an entry channel for many people in the financial and digital world, the functionality should facilitate the consumer’s journey.

“In addition, the solution can help increase the volume and the conversion of sales to commercial establishments, everyone wins.”

CEF said that the card is also available for emergency aid purchases of up to BRL600 ($116.62) on more than 1,000 websites and apps.

It can be used to pay water and electricity bills as well.

Caixa customers with checking, savings, or a Caixa Facil account can generate the virtual debit card for free on CAIXA Tem app.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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