- EBANX has been already operating in Brazil, Mexico, Colombia, Argentina, Chile, Peru, Bolivia, and Ecuador;
- With GDP per capita of over USD 17,200, Uruguay has a high level of income among Latin American countries, as well as a stable economy;
- The internet penetration rate in Uruguay is almost 75%, and a steady growth of its digital commerce market.
Payments company EBANX, which owns LABS, announced the beginning of its operations in Uruguay, growing its payment processing reach to nine Latin America countries. The fintech already operates in Brazil, its home country, Mexico, Colombia, Argentina, Chile, Peru, Bolivia, and Ecuador, in addition to Uruguay, offering card payments and local alternative payment methods for global businesses expanding to Latin America.
“Uruguay has such a steady economy, with high levels of financial inclusion and a mature digital commerce market. 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,” said João Del Valle, co-founder and chief operations officer of EBANX.
In the first phase of the expansion, EBANX will offer card payments processing in the country, for both international and domestic debit and credit cards (that cannot process foreign currencies).
Within a landscape of high GDP per capita compared to other Latin American countries, of over USD 17,200, and an internet penetration rate of almost 75%, Uruguay is experiencing a year over year growth of its digital commerce market. According to Société Generale, there aren’t official figures on the e-commerce market value in Uruguay. However, it’s estimated that the market was growing 25% a year well before the pandemic
In this year’s Uruguayan Cyber Monday (Ciberlunes), that took place at the end of May, online purchasing had a 21% increase in relation to 2019 edition, that took place in the beginning of June, as reported by Cámara de la Economía Digital del Uruguay (CEDU), the Uruguayan chamber of digital economy.
By integrating once with EBANX, merchants are able to unlock the potential not only of Uruguay, but all of the nine countries of its portfolio at once.