EBANX Expands Into Ecuador Enabling Merchants to Accept Ecuadorian Local Payments

EBANX Expands Into Ecuador Enabling Merchants to Accept Ecuadorian Local Payments
09.02.2018 09:29 am

EBANX Expands Into Ecuador Enabling Merchants to Accept Ecuadorian Local Payments

Payments

With operations in Brazil, Mexico, Argentina, Chile, Colombia, and Peru, EBANX has now expanded into Ecuador. The fintech that processes Latin American local payments has integrated with cash payment methods in the country and real-time online bank transfers with the nation's most popular banking institutions, connecting international ecommerce merchants of all sizes to Ecuadorian customers.

According to the World Bank, internet penetration throughout Ecuador in 2016 reached 54.1%, which is very close to the rates of Brazil (59.7%) and Mexico (59.5%). And mobile penetration is paving its way: back in 2011, only 522.6 thousand Ecuadorians had smartphones according to the Ecuadorian National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos – INEC). In 2015, the number rose to 3 million. Smartphone ownership in the country more than quintupled over the course of five years. This has a direct impact on the ecommerce sales growth in Ecuador. Such market transacted $800 million in 2015, as reported by the Ecuadorian Chamber of Electronic Commerce (Cámara Ecuatoriana de Comercio Electrónico).

Even while having an ecommerce market in expansion, without cash payment options consumers in Ecuador face challenges with online shopping due to living in a cash-based economy, where only 11% of the population pays with credit and debit card services, according to the Central Bank of Ecuador. With the acceptance of local alternative payment methods, international ecommerce stores will be able to sell to the complete Ecuadorian market.

How Does the EBANX Payment Solution Work in Ecuador?

In order to pay with cash on the website of EBANX's merchants, customers must select this option on the checkout page. Once selected, a reference number is created, which is accepted in an extensive network of more than 22,000 affiliates, including Banco Pichincha, Banco Guayaquil, Mi Vecino and Sana Sana Pharmacies. Ecuadorian customers have 72 hours to pay their voucher in cash at the agency of their choice. They can also pay the referral number with an online bank transfer, from the online platform of Banco Pichincha and Banco Guayaquil. 

Related News

Paymon and Cryptocean Announce the Launch of Crypto Debit Cards.

Two blockchain companies, Paymon and Cryptocean, have finalized a partnership to produce crypto debit cards.

Both companies are developing technology for the crypto... Read more »

FxPro Selects Praxis Cashier Payments Software

Praxis Cashier, a Cyprus-based provider of smart cashier services, today announced that FxPro has joined its growing... Read more »

SIA signed an agreement with ATB and UBI Banca

Azienda Transport Bergamo (ATB – Bergamo public transport) has reached an agreement with UBI Banca and SIA to allow public transport season tickets to be purchased using a... Read more »

EastNets Appoints New CTO To Enhance Its Technology Vision and Direction

EastNets, a leading global provider of compliance and payments solutions for the financial services industry has announced the appointment of Luay Gadallah as the company’s new... Read more »

Dynamics and GMO Aozora Net Bank introduce battery-powered, interactive cards

Dynamics Inc. and GMO Aozora Net Bank, Ltd. today announced plans to introduce the first battery-powered, interactive debit and cash cards to the Japanese market in 2019. 

Read more »

BillingTree appoints Jason Hiland VP Sales and Business Development for ARM and Financial Services

BillingTree®, the leading payment technology provider, today announced Jason Hiland has been... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App