Brazilian payment firm Ebanx poised to launch operations in India in partnership with Yes Bank

Brazilian payment firm Ebanx has signed an agreement with Yes Bank to set up a merchant payments business in India for global brands looking to market to consumers here.

Indian customers can use the Ebanx system to pay for those purchases in local currency using local payment methods including card payment methods including RuPay cards and Unified Payments Interface (UPI) .

"We have partnered with Yes Bank, so that our network can offer Indian customers international brands that want to sell in India ... Bellizia, president, international payments, at Ebanx.

Ebanx works with 300 brands, helping them to process payments in many countries in Latin America and Africa.

Now, the company wants to add India to the list, which will be its first market in Asia.

"We are starting with digital services, SaaS (software as a service) companies that flow to all global brands related to those verticals.

Founded in 2012 in Brazil, Ebanx has raised more than $400 million over three major investments from the likes of Advent International and FTV Capital. After reaching a financial milestone in 2019, the company planned a public listing, but it was held in 2022.

The company entered Africa in September 2022 and announced its India plan in 2023.

Bellizia told Reuters in 2023 that an IPO in the United States is still possible, but there is a lot of confidence in its business in India.

Although the company has not applied for a cross-border aggregator (PA-CB) license from India's central bank, Bellizia said it is fully complying with regulatory requirements and will pursue the right to obtain a license. .

In recent months, it has been integrated with the systems of Yes Bank to finally launch its payment system for Indian customers. Ebanx handles transactions for major global merchants such as Spotify and Airbnb.

Ebanx aims to replicate the success of Brazil's instant payment platform Pix in India, by running on the UPI platform.

Ebanx is one of the best Pix players in Brazil. Based on our very successful stories in Brazil, we hope to do well in India as well. Pix is created by UPI, we know how to create a payment method," said Bellizia.

Ebanx joins a group of major global payment providers like PayPal, Stripe, and PayU to operate in India. While PayU has successfully tested domestic payments in India, PayPal is limited to international payments only. Other popular fintech players like Revolut and Tide are also operating in the Indian market, but with less success.

Bellizia said that unlike other international players, Ebanx's experience in other emerging markets will help it expand operations in the Indian market.

Currently the company is a small company in India, supporting local businesses. But the top management at Ebanx is not concerned about the strength of the employees they want in India.

FAQs

Q. Who is the owner of YES BANK?

A. Rana Kapoor, Founder, Managing Director & CEO, YES BANK received the 'Entrepreneurial Banker of the Decade' award from the Bombay Management Association today.

Q. How many branches does YES BANK have in India?

A. 1200+ branches

Q. Is Yes Bank owned by SBI?

A. SBI currently holds a 26.13% stake in YES Bank, the highest among a consortium of banks including HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and IDFC First Bank, which also have stakes in the private lender.

Q. Is YES BANK an Indian bank?

A. Yes Bank Limited is an Indian private sector bank founded by Rana Kapoor and Ashok Kapoor in 2005.

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