Ebanx, a Brazilian financial technology company focused on e-commerce, identifies demand for payments digitization in the business-to-business (B2B) sector in China and increasing adoption of Unified Payments Interface (UPI) for real-time payments in India Did. (RTP) is becoming popular worldwide.
Real-time transactions worldwide are projected to grow at an annual rate of 21.3% between 2022 and 2027, as demand for cheaper, faster, and more efficient payment methods grows and merchant acceptance increases. said payment technology provider ACI Worldwide. In last year's report.
“There are huge opportunities arising from strengthening business relationships between China and other emerging markets, and the same revolution that happened in the digital consumer market is already happening in B2B payments in a scalable way.” said Paula Berizia, President of Payments. At Ebanks.
EBanks operates in 29 countries across Latin America, Africa and Asia, and its backers include US private equity giant Advent International, which invested US$430 million in the company in 2021.
According to the ACI Worldwide report, India accounted for 46% of all global real-time transactions, followed by Brazil with 15% and China with 9% in second and third place. The report predicts that by 2027, RTP could account for more than a quarter of all electronic payments worldwide.
Berizia said the current digital payments infrastructure for cross-border B2B in emerging markets is still incomplete, with many participants complaining about the system's bureaucracy and unwieldyness. “Ebanx is in a very advantageous position in this regard, as we already work with many B2B platforms in China.” [that are connected to] We also have business in other parts of the world,” she said.
She added that eBanks is focused on growing its merchant base in the region while continuously improving the digital transaction and payment experience.
“We are seriously trying to digitize the entire flow, increasing transaction approval rates, improving the experience of using the platform, increasing user satisfaction, and even faster and more transparent processing. I look forward to it,” he said. Berizia.
EBanks' relationship with China dates back to 2013, when Alibaba Group's online retail service provider AliExpress joined the Brazilian payment processing platform. Ebanx's services have enabled AliExpress and later several other e-commerce companies, including online fast fashion retailer Shein, to integrate local electronic payment instruments such as domestic bank cards, cash vouchers, and e-wallets into their payment ecosystems. Now available for integration.
In China, Ebanks said it serves nearly 100 enterprise customers, including areas such as online retail, digital gaming, social media, tourism and software-as-a-service.
Duan Wei, vice president of APAC at Ebanx, also cited India as a key market for expansion.
Referring to India's real-time payment system that allows users to transfer money between banks, Duan said, “The UPI technology revolution has already been adopted by 300 million people in the country, which is only a quarter of the population.” said. “If you think about how this payment method can move people into the digital commerce space, this is really one of the biggest ways.” [markets] In the world. “
Developed by the National Payments Corporation of India in 2016, UPI allows users to transfer funds using their mobile phones without entering bank details or other sensitive information.
Duan said India is a priority market due to its size and “regulatory support for new payment penetration and digitization,” and the company will continue to use Indian banks, fintechs or technology. He added that he would continue to develop partnerships with companies. Automate financial services.
EBanks had filed for an initial public offering (IPO) in 2021 but has postponed its listing, and Berizia said it has no plans to launch an initial public offering before the end of the year.