EBANX and PayPal expand digital wallet potential in Brazil
The partnership will mean that EBANX reaches a customer market of over 50 million people, furthering its overall mission of opening up Latin America to global businesses and vice versa.
Founded in 2012, the company is an ardent believer in the power of democratised finance to drive culture, education and entertainment. Already connected with other leading digital payment platforms - Apple Pay and Google Pay - this latest development broadens consumer choice significantly.
Erika Daguani, B2B Product Director at EBANX, stated that the e-wallet market in Brazil is “growing steadily” and added that its potential to financially empower the unbanked population (, or approximately 25% of the country) was highly important.
"Digital wallets are gaining more and more room in Brazil, and they are an instrument of financial access for thousands of Brazilian consumers who do not have a bank account or credit or debit card, or who simply opt for the ease of having the data already stored in one single place.
"They help bring all of these consumers into the online shopping world. Connecting these people to global websites makes perfect sense with EBANX's mission of creating access through payment solutions," she said.
Latin America: a growing fintech hub
Latin America’s standing as a rapidly developing fintech hub appears to be on the rise; dLocal, an Uruguay-based cross-border payment solutions company, the continent’s latest unicorn (valuation in excess of US$1bn) in the sector.
EBANX itself holds this status and holds an extensive presence in Latin America, including in Mexico, Argentina, Chile, Bolivia and Peru.
Now that momentum is gaining, the established fintech markets in the US, the UK and APAC regions may find strong competition from these highly innovative and purposeful businesses.
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG