EBANX expands its operations to India

By expanding to India, EBANX further builds on its existing footprint that spreads across over 18 countries in LATAM and Africa. 

According to the official statement, EBANX seeks to leverage its technological and financial solutions to enable global merchants to extend local payment methods to their Indian customers, starting with the local real-time payments system UPI (Unified Payments Interface) and cards. 

UPI was developed in 2016 by the National Payments Corporation of India (NPCI) and is a technology that integrates multiple banking services, facilitating fund routing and merchant payments – within a single online commerce checkout flow. 

As stated by the NPCI, UPI has over 300 million users and has processed over USD 1 trillion in 2022, equal to a third of the country's GDP. The widespread adoption of UPI in India is seen as an expression of the convenience and reliability of its services, encompassing peer-to-peer (P2P) transfers, bill payments, and online purchases, among others.

UPI is available 24/7 and it enables users to make payments and send and receive money using unique UPI IDs or scanning QR codes. The system also includes features such as the ability to schedule payments for subscriptions.

The wider picture

EBANX’s decision to expand operations to India was reportedly influenced by the booming digital commerce space in the country, which has a significant potential for digital payment solutions.

As data from Statista indicates, India’s digital commerce sector is anticipated to grow 35% by 2025, with a market worth over USD 100 billion and a potential user base of 400 million people. 

Even more to this point, according to Morgan Stanley, India is the fastest-growing economy in the world, predicted to surpass Japan and Germany and become the world's third-largest economy by 2027. According to the same source, the country’s GDP is predicted to more than double by 2031 and reach an impressive USD 7.5 trillion.

This boom in India’s economy has been attributed to global trends, as well as to investments the country has made in key sectors like technology and energy.