Contxto – Fintech EBANX launched operations in its ninth Latin American country, Uruguay, this week. Correspondingly, merchants there will now be able to process debit and credit cards through the startup’s system.
EBANX was already handling payments in its native Brazil as well as Bolivia, Ecuador, Peru, Chile, Argentina, Colombia, and Mexico.
EBANX and potential in Uruguay
The Brazilian unicorn is already present in most Latam countries. But it couldn’t skimp out on Uruguay, as this Latam country has plenty to offer where e-commerce is concerned.
Sure, in terms of market size, countries like Brazil and Mexico tend to take the spotlight. Nonetheless, that does come with its share of setbacks. For example, since their populations are so large, there’s more to cover in terms of accessing basic internet infrastructure.
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As a result, the number of households with access to the internet is lower in Brazil and Mexico when compared to smaller countries like Uruguay and Costa Rica.
More people in Uruguay are also engaging in online shopping. A recent survey showed that e-commerce grew by 40 percent from 2018 to 2019.
Commentary by João Del Valle—co-Founder and Chief of Operations at EBANX—suggests he agrees with the data.
“Uruguay has such a steady economy, with high levels of financial inclusion and a mature digital commerce market,” said Del Valle.
“We are thrilled to announce this expansion, and being able to connect our merchants to such a high-potential market, and to connect Uruguayans to the best brands in the world, which believe in Latin America as much as we do,” concluded the co-Founder.
Race you to the top?
As the Covid-induced, digital wave sweeps over Latam, more users are engaging in e-commerce. Simultaneously, fintechs are scrambling into new markets to connect with small and medium-sized enterprises (SMEs) and offer them solutions.
For instance, in March of this year, Argentine Tucuota.online launched its lending service for SMEs in Uruguay. Then in May, Ecuadorian Kushki deployed its payment management service in Mexico. Now unicorn EBANX is bringing its payment system into Uruguay.
Related articles: Tech and startups from Uruguay!
-ML
