Wagner Ruiz, Co-Founder and CFO of EBANX

Visa has announced that they are entering into a partnership with Brazilian fintech company EBANX. The aim of the partnership is to promote the use of electronic payments in Paraná state and boost its benefits, starting with the cities of Cascavel and Paranaguá.

Paraná has been selected to be part of Visa’s ‘Cities of the Future’ program that’s aimed at encouraging the use of electronic payments in places where the use of paper money predominates, seeking local development. In a partnership with EBANX – Latin American fintech company with a global presence – Visa will promote initiatives that will help to promote the migration of payments in the two cities, reinforcing benefits such as security and greater formalization of the economy in the municipality.

“With the inclusion of Cascavel and Paranaguá among the municipalities that are part of the Cities of the Future program, we want to help the regions leverage their development, reinforcing all the benefits that electronic payments can bring to consumers, commerce and government”, explained Marcos Marins, Director of Acceptance Expansion of Visa of Brazil. “The partnership with EBANX is fundamental so that we can develop and implement initiatives according to local needs”, the executive added.

To expand the program through Paraná state, initially, Visa and EBANX will install 180 POSs in local businesses of the two cities. Over the next few months, their intention is to install over 3,000 POSs.

“EBANX was born with the purpose of creating access. First in an online format, so that Brazilians and other Latin Americans could access global products and services. Now, the EBANX Group comes with a new business, in a local format in Brazil, with the same purpose”, said Wagner Ruiz, Co-Founder and CFO of EBANX. “With this program and our partnership with Visa, we have the opportunity to apply our deep knowledge of payments to create more solutions that increase access, starting in Paraná state, so that more people can buy the way they want to, in both online and physical environments”, added Ruiz.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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