Santander’s payment fintech, PagoNxt, announced today that its merchant payments business is launching in Europe under the Getnet brand, which already operates in Brazil, Mexico, Chile, Argentina and soon in Uruguay.
Part of PagoNxt, a fintech that brings together all of Santander’s payments businesses, Getnet has the third-highest customer base among merchant payment firms in Latin America. Now in Europe, Getnet will serve foreign and domestic merchants of all sizes in some 30 countries, whether or not they are customers of Banco Santander, offering merchants access to multi-channel, multi-method, multi-country payments.
The launch of Getnet Europe is part of Santander‘s strategy to boost the bank’s revenues when European lenders are struggling with pressure from low-interest rates while trying to fend off competition from technology firms.
Besides Getnet, Santander’s PagoNxt comprises OneTrade, The Payments Hub, Ebury, Mercury TFS, Superdigital, etc.
With a wide range of payment solutions for easier and quicker sales, Getnet already has a strong business in Spain and Portugal. Getnet’s services focus on large e-commerce retailers that will gradually expand to include other types of payments.
According to Javier San Félix, chief operations officer at PagoNxt, the global roll out of Getnet is ahead of plan and will allow PagoNxt to offer a greater service portfolio. “Our goal is to help customers across Europe and the Americas to grow their business by making payments easier and more secure, using the best technologies available.”
Getnet has 1.1 million clients and processed €90 billion in some four billion payments in 2020. It is an e-commerce leader in Brazil, and also operates in Mexico, Chile, Argentina and soon in Uruguay. Getnet Europe has operational headquarters and technology hubs in Munich, Madrid, Dubai and Chennai, India.
Furthermore, Santander Brazil has approved the spin-off of Getnet Brazil. Subject to the necessary regulatory approvals, the incorporation of Getnet Brazil into PagoNxt is expected before the end of the year.