Payments processing provider Global Payments has said it plans
to ‘start from scratch’ when it enters the Brazilian payments
market this year according to reports from Brazil’s financial
newspaper Valor Economico.
It is also reported that Global Payments’
president Paul Garcia told Valor that the company does not
plan to acquire local processors such as Cielo SA and Redecard,
preferring to build its own service.
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“The company may collaborate with financial
institutions to gain consumer trust but the partner is unlikely to
be a traditional financial institution such as a bank,” Garcia told
Valor.
He also said he expects the company to be
unprofitable in Brazil during the initial phase of development.
Global Payments is one of many potential
entrants to the Brazilian electronic transaction market such as
First Data and Banco Santander.
With a large emerging payments market, Brazil
is believed to have annual transactions to the sum of $250bn
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