Citi’s credit card issuing arm, Credicard and
US Bancorp’s payment processing arm, Elavon have joined forces in a
bid to capitalise on the growth seen in the Brazilian payments
market.
Both parties have signed an agreement to
establish a joint-venture creating a merchant services company that
aims to offer a full suite of payment solutions to the Brazilian
marketplace.
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“Citi has always been at the forefront in the
development of Brazil’s financial industry,” said Gustavo Marin,
CEO of Citi Brazil.
“With the creation of this joint-venture, we
advance even further our strategy in Brazil’s retail market,
offering a new option for consumers, as well as businessmen and
merchants and consequently, strengthen our growing position in the
consumer credit segment.”
The new company will be branded as Elavon and
will be supported by the launch of a sales force with national
coverage, as well as in-market operations, technology and product
resources.
“Credicard has been in the cards market for
over 40 years and this is the right time for us to return to the
acquiring market,” said Leonel Andrade, president of Credicard.
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By GlobalData“This alliance will be further leveraged by
Credicard’s processing and technological know-how and will enable
us once again transform Brazil’s payment acceptance market.”
