On June 3, Cross-border digital payment company Bexs Pay signs a new agreement with the largest fintech bank in Latin America Nubank to deliver Ripple remittance services to over 54 million Latin American users. Transactions done through NuPay, Nubank’s online e-commerce payment system, will now be handled by Bexs Pay.
Bexs Pay will now be in charge of transactions made through NuPay, Nubank’s online e-commerce payment system. This means that Bexs Pay will act as a payment intermediary for Nubank’s 54 million customers.
Bexs Pay is a cross-border digital payment company that links people and businesses in Brazil and throughout the world. In practice, the platform enables Brazilians to purchase overseas goods and services while paying with local money and methods, such as credit cards, boletos, and, more recently, Pix and NuPay.
Luiz Henrique Didier Jr., Bexs Pay CEO stated:
“We’re in the midst of an online shopping revolution, allowing millions of Nubank clients to purchase with more ease and security. We hope that the agreement will enhance the number of people who have access to foreign products and services, democratising cross-border transactions even further.”
Bexs Pay was the first payment provider to incorporate Pix into cross-border transactions in 2021, and it is now the first payment provider in the international transaction industry to integrate NuPay into its payment checkout.
This means that Nubank customers will be able to use Bexs Pay to make purchases from websites in other countries. According to NielsenIQ Ebit’s most recent Webshoppers survey, 68 percent of Brazilian customers completed purchases on overseas websites in 2021, highlighting the market’s enormous potential.
Customers who use Nubank’s online international platform can now make debit payments or pay in up to 24 interest-free instalments directly from their Nubank app without having to enter their bank account information or sign contracts, ensuring that their purchases are approved quickly. Additionally, NuPay provides individuals with a more safe and convenient shopping experience by removing the risk of fraud and increasing users’ purchasing power.
The increased sales volume from the improved experience, higher approval rates, and consumers’ increased purchasing power are the most significant benefits for business owners. There are further benefits, such as operational process simplification and decreased working capital requirements with next-day settlement. In addition, the approach eliminates the expenses of an intermediary, an anti-fraud tool, and chargebacks.
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