Spain’s CaixaBank plans to enter Brazil’s payments industry through a new joint venture with US transaction processing firm Global Payments that builds on the bank’s experience of digital channels its home market.
The two companies announced that their combined technological and commercial expertise would give the joint venture “a firm foothold in a market that is growing at an annual rate of 20%”.
The deal follows an existing agreement between CaixaBank and Global Payments to provide merchant services in Spain via the joint venture Comercia Global Payments, which was set up in 2010.
The 20% growth rate saw Brazil’s electronic payments (e-payments) market reach €240bn last year, with 487 million cards in circulation and 3.7 million point-of-sale (POS) devices, mainly in the states of São Paulo, Rio de Janeiro and Minas Gerais.
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