Ebanx, PicPay expand global reach for digital wallet users

Payments fintech Ebanx is partnering with Brazilian digital wallet provider PicPay to provide a new payment option for global merchants selling products in Brazil.

International companies that use Ebanx solutions in Brazil through digital payment accounts will be able to offer PicPay to effectively expand its market reach in the largest economy in Latin America. It will mark PicPay's first venture into the international market, allowing its users to purchase products from global marketplaces.

PicPay says it has more than 34 million users in Brazil, giving it the largest user base for a digital wallet in the country. The digital wallet is accepted in more than three million stores throughout Brazil.

PicPay has long been a proponent of QR code use, bringing the technology into play in Brazil years ago in allowing users to scan codes at merchant terminals for payments.

All digital wallets in Brazil will also more easily integrate into PIX, Brazil's new instant payment network, through the use of QR codes.

"Our main goal at Ebanx is to create access through payment solutions," Erika Daguani, B2B product director at Ebanx, said in a Monday press release. "This is why we are very happy to announce this integration with PicPay, a widely known e-wallet in Brazil, which will allow more and more Brazilians to connect with global products and services, and international companies to reach consumers that don't necessarily have a credit card or a bank account."

In Latin America, digital wallets have gained more traction during the pandemic, not only because they allow easy access to e-commerce, but also because of the distribution of emergency aid during the pandemic, which was extensively done through e-wallets.

"Digital wallets are an instrument of financial access for thousands of consumers in Latin America who do not have a bank account, or who simply opt for the ease of having the data already stored in one single place," Daguani added. "Connecting with players such as PicPay is crucial for international companies that want to seize the e-commerce market in Brazil."

Ebanx operates as a global fintech company through its Latin American roots. It has operations in Brazil, Mexico, Argentina, Colombia, Chile, Peru, Ecuador, Bolivia and Uruguay.

"This partnership provides our users with a great opportunity of expanding their online shopping experience with PicPay," Elvis Tinti, chief commercial officer at PicPay, said in the release. "By now, they have been able to make payments in national stores only. Now they will be able to use our solution in a variety of international merchants that fit their needs as well.”