EBANX, a global fintech company that provides end-to-end payment solutions from Latin America to international merchants selling cross-border in the region, announces it has been publicly listed as a payment provider for Shopify. With EBANX Payments in Latin America, ecommerce businesses using Shopify will be able to accept the most preferred payment methods in the region, such as domestic credit cards, installments, and local vouchers (a payment slip method).
The integration fits all business sizes, users of all Shopify plans, including Shopify Plus that focuses on large enterprise merchants. And, in this first moment, it provides local payments from the largest Latin American economy, Brazil. Mexico is the next market EBANX will support in Shopify’s platform.
“The partnership with EBANX and Shopify has grown substantially, and this important integration reflects EBANX goals, of building bridges between Latin Americans, the world and helping businesses all over to fully enjoy the region’s consumer potential”, said Henrik Nilsmo, Chief Commercial Officer (CCO) of EBANX. EBANX portfolio of solutions enables merchants to expand their sales to Latin America without setting up a local entity.
Simple to start using
In order to start using EBANX Payments in Latin America for Shopify, all a business needs to do is select EBANX as a payment provider in their administrator settings in the platform. It’s a simple process.
Latin America: A promising landscape
Retail ecommerce sales in Latin America are on the rise, specially due to internet and mobile penetration. Over the next five years, online sales in the region are expected to grow 19%, above the global average of 11%, according to FocusEconomics predictions. By 2021, the Latin American ecommerce market will reach $118 billion U.S. dollars.
In 2017, retail ecommerce sales in Latin America exceeded $45 billion U.S. dollars, as reported by Statista, and almost half of this amount came from consumers in Brazil and Mexico.
PIn order to tackle these markets and being ahead of the competition offering local payment methods is crucial. In 2017, over 50% of the online purchases made by Brazilians were paid with installments, according to Webshoppers, an annual report by Ebit that measures the habits of online consumers in Brazil. In addition, in Mexico, the convenience store chain OXXO has almost 20,000 locations all through the country, making it easy for all consumers to pay for their online purchases with cash.
Local payment methods are convenient and trusted by Latin Americans, and such fact reflects in sales growth for merchants. They make it possible to reach the total addressable market, of banked and unbanked people, domestic-use only credit card holders, people with no access to credit, and others.