Fintech giant EBANX expands operations to India, leveraging booming digital payments and digital commerce markets
The tech company specializes in payments for rising economies seizes opportunities in India's rapidly growing digital commerce sector, providing global merchants with the country's most used payment methods
CURITIBA, Brazil, Sept. 18, 2023 /PRNewswire/ -- Tech company specializing in payments for rising markets EBANX announced today the expansion of its operations to India, adding a new region to its portfolio that already reaches 18 countries in Latin America and Africa. With its technological and financial solutions, EBANX will enable global merchants to offer their Indian customers the most used local payment methods, starting with the local real-time payments system UPI (Unified Payments Interface) and cards, enabling businesses and people to thrive in the booming digital commerce space in India.
After growing its footprint to 15 Latin American countries for over a decade and recently 3 African countries, EBANX is moving forward with its global expansion on the Asian continent. India holds immense potential for digital payment solutions, and EBANX is committed to leveraging this opportunity. The country's digital commerce sector is projected to grow 35% by 2025, according to projections from Statista, with a market worth over USD 100 billion and a potential user base of 400 million people. As India progresses towards becoming the world's third-largest economy by 2027, surpassing Japan and Germany, its GDP could more than double by 2031, reaching an impressive USD 7.5 trillion, according to Morgan Stanley.
By expanding its operations to India, EBANX aims to bridge the gap between global businesses and Indian customers, enabling secure, convenient, and localized payment experiences across industry verticals like SaaS, Digital Gaming, Social Media, Digital Ads, Streaming, and Online Retail. As the company continues its mission of expanding into rising markets, this strateic move reinforces EBANX's commitment to empowering businesses, customers, and entire ecosystems worldwide.
"India is such a powerful market for global digital commerce. The country saw its digital payments grow four times over the last six years, solidifying a very diverse, customer-centric payments landscape that has access at its core. We are excited to expand our operations into India, bringing our expertise in connecting rising economies and global brands but, most importantly, having the opportunity to be a part of the acceleration that is taking place in the country," said João Del Valle, CEO and Co-founder of EBANX.
UPI, the increasingly popular local payment for Indian customers
Created in April 2016 by the National Payments Corporation of India (NPCI), UPI is a technology that combines multiple banking services, smooth fund routing, and merchant payments into a single online commerce checkout flow. UPI has emerged as a popular real-time payment system, allowing individuals to make instant and secure smartphone transactions.
With over 300 million users in India, according to NPCI, UPI has processed over USD 1 trillion in the past year, equivalent to one-third of the country's GDP, as stated by the entity. This widespread adoption showcases the convenience and reliability of UPI's services, including peer-to-peer fund transfers, bill payments, online purchases, and more.
"In rising markets like Latin American and African countries, we noticed a movement towards real-time and alternative payments. India is a pioneer in instant payment systems, and that is why EBANX will start its operations focusing on UPI as one of the main payment methods," said Paula Bellizia, President of Global Payments at EBANX. "As the Indian market warmly embraces digital payments and digital commerce continues its rapid growth, we see great opportunities for businesses, and meaningful partnerships being fostered. Our roadmap for India is completely aligned with our core mission at EBANX: creating access through technological and financial solutions, to connect millions of people, businesses and ecosystems in rising markets to the global digital economy," she added.
With its 24/7 operation and support for multiple banks, UPI offers users the ability to make payments, send and receive money utilizing unique UPI IDs or scanning QR codes. The system also includes recurrence features, allowing users to schedule payments for subscriptions, further enhancing its appeal to businesses and consumers alike.
EBANX is the leading payments platform connecting global companies with customers from one of the fastest-growing digital markets in the world. The company was founded in 2012 in Brazil with the mission of giving people access to buy in international digital commerce. With powerful proprietary technology and infrastructure, combined with in-depth knowledge of the markets where it operates, EBANX enables global businesses to connect with hundreds of payment methods in different countries in Latin America, Africa, and Asia. EBANX goes beyond payments, increasing sales and fostering seamless purchase experiences for businesses and clients.
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