May 19, 20 - 1:30 pm - LABS

Brazilian Elo issued more than 1 million virtual debit cards

The Brazilian payments company Elo and the Brazilian bank Caixa Econômica Federal issued more than 1 million virtual debit cards, according to TI Inside. The feat was boosted after the release of the first installment of Brazilian Emergency Aid as one of the government’s benefits created to counter COVID-19 impacts in the economy.

The virtual debit card recently launched by the Brazilian state-owned bank Caixa made possible to use the Emergency Aid in online debit purchases on various websites and apps, without needing to withdraw it. Brazilians can also pay for purchases at physical stores, such as Carrefour markets.

EBANX‘s, the Brazilian fintech known for providing payment solutions from Brazil and other countries in Latin America to global businesses, such as AliExpress and Wish, is also offering the virtual debit card to its international merchants.