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Latin American neobank Nubank has announced the launch of its proprietary online payments solution. With NuPay, the digital banking giant allows customers to complete their e-commerce purchases with a few clicks within the firm’s app.
The firm’s new solution allows for payment with account balances or interest-free installments through the Nubank app. In addition, clients can obtain extra credit on top of the neobank’s credit card without the need to fill in data or additional contracts.
NuPay is currently available at checkouts at selected retailers in Brazil and Nubank’s own product store and the plan is to expand the offering to other major partners in the coming months. The solution can be integrated directly into the e-commerce platforms of partners, or via API through a selection of retail software platforms.
According to Nubank’s product vice president Livia Chanes, NuPay aims to simplify the online shopping experience in Brazil. She noted cart abandonment rates in Brazil reach nearly 50% due to the various steps consumers need to go through, as well as the fear of sharing their card details. In addition, data from cybersecurity firm Axur, suggests Brazil represents over 45% of global fraud incidents, while one in six Brazilians had their card cloned.
How Nubank is building a B2B portfolio
Nubank‘s recent launch also bodes well for businesses. According to the firm, the tool aims to make things easier for shopkeepers by increasing sales volume through a better customer experience, higher approval rates, and eliminating costs with intermediaries, anti-fraud, and chargeback tools.
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“NuPay is a disruptive solution that gives millions of people access to a much safer and more practical shopping experience and expands purchasing power through the possibility of additional limits,” Chanes said in a press statement.
The launch of NuPay comes on the heels of moves from sector players to address demands in the digital payments market. Brazilian companies operating digital wallets such as PagSeguro, PicPay, Ame, and others have been making inroads in that space and placing a question mark on the future of cards.
Last November, PicPay announced it had reached the mark of 60 million active users, with more than 5 billion Brazilian reais ($1 billion) worth of digital wallet balances. PagSeguro, in turn, reached 12 million customers in the second half of 2021, with a strong performance within the merchant community.
Currently, Nubank has a base of 54 million customers, many of whom will undoubtedly be using NuPay. The new product joins the brand’s portfolio of solutions for merchants. Last year, the neobank acquired Spin Pay, an instant payment platform that offers instant payments through the Pix system and e-retail support.
Now renamed NuPay for Business, the new business unit will be responsible for helping to integrate NuPay’s infrastructure with major e-commerce platforms. It will also ensure commercial support and bring in new B2B customers.
