Fintech Ebanx has collaborated with digital commerce platform VTEX to support cross-border payments for Brazil’s e-commerce firms in the Latin American market.
The collaboration will enable firms in Brazil to avail over 100 payment methods in 15 countries across Latin America.
VTEX COO Astha Malik said: “With our connected ecosystem, brands and retailers can explore new business models, and optimise and grow their operations.”
Last year, 68% of consumers in Latin America used e-commerce, as compared with 45% before the pandemic, cites the Beyond Borders study.
Over 150 million Latin Americans are estimated to have made their first online purchase in the past couple of years, and an annual growth of 30% is expected in the region through 2025.
Ebanx president of Global Payments Paula Bellizia said: “The cross-border market in Latin America will move around US$45 billion in 2022, according to data from our latest Beyond Borders study, and it is time for major Brazilian players to take advantage of this opportunity to expand their business.
“In addition to the first-rate product, these customers can now take advantage of EBANX’s experience after more than 10 years in the region, to make it easier to deal with the various legislation and payment types in different countries.”
Ebanx serves over 35,000 merchants in Brazil. Its global client list of over 1,000 includes Spotify, Uber, SHEIN, and Shopee, among others.
In December 2021, Ebanx was in the news for its purchase of remittance business Remessa Online, reportedly for $229m.
This was preceded by its acquisition of Brazilian payments firm Juno.