Sistema De Cooperatives de Credito do Brasil (SICOOB), an association of credit unions in Brazil, has partnered with processor Redecard on card acceptance services.
The five year agreement made through Banco Cooperativo do Brasil S/A (BANCOOB), builds upon other partnerships Redecard signed in the second quarter with Hipercard, Coopercred, Sorocred and Banco Trianguli.
“Redecard recognises SICOOB as an important partner in its strategy to expand penetration in the electronic means of payment in the country. With this partnership, innovative solutions in electronic payments will be offered to SICOOB associates,” a spokesperson for Redecard said.
Redecard announced impressive second quarter results with net operating revenue growth up 16.6 percent to R$ 862.9m compared with the same point last year.
The positive results were owing to a surge in debit and credit card usage, with revenue from credit card transactions jumping 17.5 percent year on year to R$409.2m with debit card revenue up 14 percent to R$102.4m.