Cross-border transaction provider Bexs Pay will work with NuPay to provide e-commerce payment intermediation, according to a Friday, June 3 report from Financial IT.
Bexs Pay uses a cross-border model connecting individuals and businesses, allowing Brazilians to obtain international products and services, paying with their own currencies. NuPay is Nubank’s online payment solution for e-commerce.
Nubank customers will now have the new payment option, which could be helpful as NielsenIQ Ebit data shows that 68% of Brazilian shoppers made purchases on international websites in 2021.
Nubank customers would be able to make debit payments or pay up to 24 interest-free installments from their Nubank app, without giving bank details or signing contracts. This makes their purchases approved immediately.
The report notes that store owners can also access greater sales volume using it, and there would be streamlined operational processes and reduced working capital requirements.
“We are driving an online shopping revolution, empowering millions of Nubank customers to shop with greater convenience and security,” said Bexs Pay CEO Luiz Henrique Didier Jr. the partnership will lead to an increase in the number of people accessing international products and services, further democratizing cross-border transactions.
PYMNTS recently reported that Nubank is also working on a $650 million line of credit to expand into Colombia and Mexico.
Related: Nubank invests $650 million to expand into Colombia and Mexico
The funds are a three-year line of credit in Colombian and Mexican pesos, with funding from Citigroup, Goldman Sachs, Morgan Stanley and HSBC. All subscribed to Nubank’s initial public offering (IPO) in December last year.
At that time, Nubank said the $2.6 billion raised would be used for this expansion. Funding will go towards technology and product development, hiring and expanding its customer base. CEO David Velez said the company’s work is developed internally, although it has partnered with other companies in recent times.