A joint venture (JV) between US payment processor Global Payments and Spain’s CaixaBank is to be launched in Brazil ahead of the football World Cup next year in the fast-expanding country.
The partners have had a working relationship since 2010 and have decided to formalise it into a JV to take advantage of the fast growing Brazilian market where electronic payments reached €240bn last year, a 20% rise, and 487m cards are in circulation alongside 3.7 million point-of-sale (PoS) devices at merchants across the land.
Comercia Global Payments Brazil will offer contactless near field communication (NFC) technology, digital payments and mobile point of sale (MPoS) devices and apps, say the partners.
The growing Brazilian economy is understandably attracting interest from payment providers around the globe with Telefónica and MasterCard launching the Zumm mobile financial services (MFS) offering in June, in conjunction with Gemalto, just one example of the numerous launches happening in the South American country. Zumm allows Brazilian consumers to pay bills, buy mobile air-time and transfer money and is targeting the unbanked population with its mobile money service.
Separately, CaixaBank has also launched an MFS joint venture in Spain this year with Telefónica and Santander, although this is a more advanced digital wallet offering with associated loyalty points and other functionality.