International online payments operator PayU has made its landing in Brazil. Represented locally by Buscapé Company, PayU will give Brazilian consumers a new way to purchase globally and provide retailers with a simple, friendly option for accepting payments.
With a 13-year trajectory in the online payment industry, PayU is present in 16 countries on four continents and is a leader in Poland, Romania and South Africa. Its Latin American branch, PayU Latam, has been operating for 10 years by way of Colombia-based PagosOnline and partners with 120,000 online retailers. Both PayU and Buscapé are part of South African mass media corporation Naspers.
Romero Rodrigues, CEO of Buscapé Company, emphasized the value platforms like PayU add to Brazil’s expanding e-commerce market:
E-consumers shop online to save time. Likewise, they want to pay fast and easy, with just one click, on a 100% safe platform. And those are exactly the main benefits of PayU for Brazilian virtual entrepreneurs, for companies small and large – security and facility.
PayU can be integrated into virtually any e-commerce format and is an ideal solution for service marketplaces, travel websites, online courses, app marketplaces, subscriptions and more. It’s also highly utile in the processing of high-volume transactions.
For Brazilian businesses, PayU will serve as a door to accessing consumers throughout Latin America. And for buyers, it means purchasing items from all over the world using local credit cards or Boleto Bancario.
Martin Schrimpff, Director of PayU Latam, commented:
PayU can integrate quickly and effectively into digital businesses of all shapes and sizes. Among our clients in Latin America are companies like Groupon, Dafiti, Exito.com, Copa Airlines and Avianca, which has used our platform since 2009 to sell airline tickets and related services, also adding an antifraud system to further increase the security of transactions.
The PayU system in Brazil is compliant with Payment Card Industry Data Security Standards (PCI DSS), a set of comprehensive requirements for enhancing payment account data security. It is also integrated with fraud detection solution FControl.
International Payment Platforms Changing the Face of E-Commerce in Brazil
This announcement has the potential to make a significant impact on Brazil’s online payment market, which has become increasingly dynamic in recent years due to the take-off of e-commerce in the country.
Brazilian online buyers have generally proven partial to local retailers, due in large part to barriers involved in making payments abroad. Because purchasing outside of Brazil has, historically, required an international credit card, most consumers have stuck to home-grown options.
With the entrance of companies like PayU, however, this stands to change. Ebanx was among the first to address the international payment issue in Brazil, and SafetyPay, a global payment solution present across all of Latin America, just landed a US$7 million investment from IFC. The Brazilian government has taken note of all the moving and shaking going on in the online payments realm as well and is starting to take more direct regulatory measures.
Could all of this mean a disadvantage for Brazilian e-commerce platforms, which now have to compete with more international players? Not necessarily, especially considering that they will benefit from entities like PayU as well. It will, however, be interesting to see how it all plays out.