Cross-border transaction provider Bexs Pay will be working with NuPay to provide eCommerce payment intermediation, according to a Friday (June 3) report from Financial IT.
Bexs Pay uses a cross-border model connecting people and businesses, letting Brazilians get international products and services, paying with their own currencies. NuPay is Nubank’s online eCommerce pay solution.
Nubank customers will now have the new payment option, which could be helpful as data from NielsenIQ Ebit shows 68% of Brazilian shoppers made purchases on international websites in 2021.
Nubank customers will reportedly be able to make debit payments or pay in up to 24 interest-free installments from their Nubank app, without giving their bank details or signing contracts. That makes their purchases approved immediately.
The report noted that store owners can also access more sales volume by using it, and there will reportedly be some streamlined operational processes and lower working capital requirements.
“We are driving an online shopping revolution, giving millions of Nubank customers the ability to go shopping with greater convenience and security,” said Bexs Pay CEO Luiz Henrique Didier Jr. “We believe the partnership will drive 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 credit line to expand into Colombia and Mexico.
Related: Nubank Invests $650M to Expand to Colombia, Mexico
The funds are a three-year line of credit in Colombian and Mexican pesos, with financing from Citigroup, Goldman Sachs, Morgan Stanley and HSBC. All of them underwrote Nubank’s initial public offering (IPO) in December of last year.
At that time, Nubank said the $2.6 billion it raised would be used for this expansion. The funding will go toward tech and product development, hiring and expanding its customer base. CEO David Velez said the company’s work is developed in-house, though it has been joining forces with more companies as of late.
