By MIAO Yiwei
Brazilian electronic payment company Ebanx has set up a cross-border payment team in China to serve emerging markets including China, Latin America and Africa, according to YU Xiang, head of Ebanx China.
Ebanx covers 29 countries, with 22 of them participating in the Belt and Road Initiative, with nearly 100 Chinese clients, in sectors including retail, gaming and SaaS.
In Latin America, the Ebanx platform aggregates hundreds of payment methods to address the fragmented payment landscape.
Payment methods are more diverse and fragmented in emerging markets. If Chinese merchants want to trade in Latin America or Africa, they need to offer a variety of payment methods.
Latin America’s e-commerce market has reached US$500 billion (about 4 trillion yuan), with cross-border payments expected to grow sharply.
E-commerce in Africa is still in its early stages and so has significant potential as the fastest-growing e-commerce buyer base. By 2025, mobile payments and e-wallets are expected to represent nearly 70 percent of the total online volume in Africa.
