According to the company, Brazil has 60 million debit cardholders, while the number of credit cardholders reaches 50 million. By enabling debit card payments, Google aims to increase its target market. Moreover, the company will not charge retailers, card issuers or card processors for the use of its debit payment platform.
Card issuers Banco do Brasil SA, Banco Bradesco SA and Itau Unibanco will allow clients to use the Google Pay’s debit function, as well as card networks Mastercard, Visa, and Elo and ecommerce platforms, such as delivery apps Rappi and iFood.
Other details about the new debit function were not disclosed.
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