Brazil’s Banrisul Bank has teamed up with
e-payment solution provider SafetyPay to allow its customers to
shop online internationally using Brazilian Raies.
The service offers Brazilians making online
cross-boarder purchases an alternative to credit card payment
which, according to SafetyPay’s founder and CEO, Manuel Montero,
are often blocked by merchants’ fraud filters – a fact that he
believes has contributed to Brazil’s low credit card
penetration.
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The market for cross-border payments in
Brazil is considerable. The country was Miami’s
top trade partner last year with total trade reaching $11.07bn
according to Miami-Dade County’s Office of Economic
Development and International Trade.
“Our partnership with Banrisul will enable its
customers to more securely conduct local and cross-border
transactions,” said Montero.
To date, SafetyPay has partnered with 23
financial institutions worldwide and its solutions reach a combined
customer base of 90m.
