+1-888-308-5802      . .

PayPal partners with Brazil's biggest private bank Itaú Unibanco

Author : Shikha Sinha | Published Date : 2018-08-31 

PayPal partners with Brazil's biggest private bank Itaú Unibanco

Digital payments solutions company PayPal Holdings Inc has reportedly collaborated with Brazil's largest private sector bank, Itaú Unibanco Holding SA, in a bid to offer its online digital payment services to the bank's card clients. As per trusted sources, the company aims to leverage this partnership to raise its digital payment platform’s acceptance and analyze the bank’s client profile before accepting or rejecting a transaction.

Sources familiar with the development claim that the agreement specifies that PayPal will offer its online digital accounts to card holders of Itaú Unibanco as well as to its merchants that use the bank’s card processing unit, Rede. Reportedly, about 300,000 merchants currently use PayPal’s services in the nation.

According to Reuters, Paula Paschoal, PayPal's General-Director in Brazil has reportedly stated that the company is focused on extending its customer base by 1 million from its current 3.8 million users in Brazil over the next two years. Itaú Unibanco is PayPal's first partner in Brazil and the company welcomes new agreements with other financial institutions in the country, Paschoal added.

If sources familiar with the matter are to be trusted, the announcement highlights PayPal’s strategy of collaboration and acquisitions to stay ahead of its competitors in the increasingly competitive digital payments industry. Reportedly, PayPal announced in April to have teamed up with British investment bank and financial services company, Barclays.

Worldwide, banks are reportedly forming partnerships with large tech companies rather than competing with them amidst rising concerns that tech firms can replace their services in the payments market.

While speaking on the partnership, Executive Director of Itaú Unibanco, Marcelo Kope was reportedly quoted stating that the bank chose to collaborate with PayPal instead building its own digital payment services given that PayPal’s expertise in online payment solutions has been tested and applied on a global scale.   

About Author

Shikha Sinha . .

Shikha Sinha

Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999

Related News

Clio raises $250 million in a Series D funding by TCV and JMI Equity

Clio raises $250 million in a Series D funding by TCV and JMI Equity

Published Date: 2019-09-06         Author: Shikha Sinha

The cloud-based legal technology startup hits a historic mark in future of legal industry with this investment. Clio, a leading legal software company has recently announced that it has bagged US$250 million in Series D funding from American equity firms JMI Equity and TCV. According to sour... Read More>>

Co-working firm Spacious the latest in WeWork’s acquisition spree

Co-working firm Spacious the latest in WeWork’s acquisition spree

Published Date: 2019-08-29         Author: Shikha Sinha

New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many... Read More>>

SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart

SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart

Published Date: 2019-08-27         Author: Shikha Sinha

SoftBank is expected to lead a $250 million round with private equity major Carlyle for Dailyhunt   South American conglomerate Synergy Group also hopes to invest in India’s Jet Airways. SoftBank Group Corp., a Japanese multinational conglomerate, is reportedly in talks to clo... Read More>>

© 2024 Fractovia. All Rights Reserved