EBANX, MACH to offer digital wallet in Chile

Friday 9 April 2021 15:05 CET | News

Brazil-based fintech EBANX has partnered with Chile-based digital bank MACH, according to the official press release.

Global companies and international websites will now be able to offer MACH's digital wallet as an additional payment option to its customers in the country, expanding their total addressable market with one single integration. With that, EBANX now integrates with six digital wallets as a payment method in Latin America, being one of the pioneers in this payment solution for international ecommerce. Created as a spinoff of Banco Bci, MACH is a digital bank that offers a prepaid, free digital account. It allows customers to pay for physical or digital purchases through their smartphones, working as a digital wallet. MACH Pay is MACH's payment solution, which allows customers to pay in physical and digital stores using their MACH accounts. 

After gaining traction during the pandemic, digital payments are now rapidly growing in Latin America. In Chile alone, digital wallets, for instance, grew by 32% in 2020 and represented USD 400 million in online purchases during the year, according to Beyond Borders, EBANX's annual study on ecommerce in LATAM. Digital wallets allow customers to pay for purchases through their smartphones, usually offering multiple payment options (such as cash, debit cards, domestic credit cards, bank transfer, and instalments) with just one click and almost instant confirmation. Due to their flexibility and convenience, they are one of the most used payment methods in the region.

In Latin America overall, digital wallets represent around 11% of the ecommerce market, amounting to approximately USD 20 billion in transactions, according to data from consultancy firm AMI (Americas Market Intelligence). Brazil, for instance, is already the world's fourth-largest market for mobile wallets, and 61% of smartphone users have at least one of them.

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Keywords: digital banking, fintech, partnership
Categories: Banking & Fintech
Countries: Latin America
This article is part of category

Banking & Fintech