EBANX and Zuora Partner in 15 Countries Across Latin America and Africa, Enhancing Subscription and Recurring Payments Experience for Merchants

Payments
09.07.2024 02:05 pm

EBANX, a global technology company specializing in payment services for rising markets, today announced a partnership with Zuora, a leading monetization suite for modern business, helping to enable payment processing in some of the fastest-growing digital markets in the world. The collaboration aims to support the global expansion of Zuora's customers by enhancing local payment methods acceptance in 13 markets across Latin America and two markets in Africa, supporting global subscription-based and recurring revenue businesses in these regions.

LatAm's digital services market is set to grow 30% year over year by 2026, when it is expected to reach USD 271 billion, according to Payments and Commerce Market Intelligence - PCMI data. In Africa, SaaS will be the fastest-growing vertical within the digital commerce market, accelerating at a 25% CAGR by 2026, per the Beyond Borders study – faster than the global average. The Zuora and EBANX integration will help digital businesses, especially within SaaS or with recurring revenue streams, seize this growth potential.

The partnership focuses on Brazil, Mexico, Colombia, Chile, Peru, Argentina, Uruguay, Paraguay, Costa Rica, the Dominican Republic, Guatemala, El Salvador, Panama, South Africa, and Nigeria, and facilitates payments with credit and debit cards, including those that are not enabled for cross-border purchases, as well as Pix payments.

"Latin America holds opportunities beyond traditional powerhouses such as Brazil and Mexico for global digital companies. And Africa is at its prime time to undergo a digital commerce acceleration," said Gregory Cornwell, VP of Global Channels & Business Development at EBANX. "We are happy to partner with Zuora and make our technology and solutions available for their merchant base. And beyond that, to work together in helping connect these players to the immense potential of LatAm's and Africa's digital markets."

According to data from PCMI, Chile leads Latin America with the highest internet penetration at 87% and consumer spending that nearly doubles the regional average. Meanwhile, Colombia ranked as the third-largest digital commerce market in LatAm with a 30% growth rate last year and substantial subscription market penetration, underscoring the diversity and growth opportunities in the region. Paraguay is the fastest-growing online market in Latin America, and Peru ranks second. Meanwhile, in Africa, South Africa leads the way in internet access and digital commerce penetration, as Nigeria is responsible for almost one-third of the streaming market in all of the continent, according to data in the newest edition of the Beyond Borders study.

"Our partnership with EBANX underscores our dedication to supporting global businesses with the most advanced and comprehensive monetization solutions," said John Phillips, SVP, Global Alliances at Zuora. "Having a local partner like EBANX is crucial to streamline market entry and accelerate growth in Latin America and Africa. By integrating EBANX's capabilities, we can help our customers access essential payment methods to succeed in these regions."