Brazil: Cielo to launch instant payments service

However, it will charge clients for this service, unlike Itaú Unibanco Holdings card processing unit Rede, according to online publication KFGO.

Speaking at a press conference after the release of the company’s quarterly earnings, Cielo’s Chief Executive said prices charged are still likely to go down in the card processing industry, as card processors are fighting for merchants.

Cielo reported net income of USD 140 million for the first quarter in 2019, down sharply from the same period a year earlier. Shares in Cielo were up some 4% in early trading on April 24, boosted by an 8% increase in the company’s number of card reader machines from the previous quarter as it added new micro entrepreneurs like street vendors as clients.

Moreover, the card processing company had increased its salesforce from 700 to 2,200 people and it is seeking to maintain its leadership position in the card processing sector.