Businesses looking to get into emerging markets often face issues with local payment methods. Aiming to enhance and facilitate the acceptance of local payment methods, in turn, creating recurring revenue for businesses, paytech EBANX, has partnered with Zuora, the monetisation suite for modern businesses.
The EBANX collaboration will support the expansion of Zuora’s customers. It will enhance local payment methods acceptance in 13 markets across Latin America and two markets in Africa. The partnership will facilitate payments with credit and debit cards. This includes those that are not enabled for cross-border purchases, as well as Pix payments.
Gregory Cornwell, VP of global channels and business development at EBANX
“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 and 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.”
LatAm’s digital services market is set to grow 30 per cent year over year by 2026, when it is expected to reach USD 271 billion, according to Payments and Commerce Market Intelligence – PCMI data.
Seizing growth potential
In Africa, SaaS will be the fastest-growing vertical within the digital commerce market, accelerating at a 25 per cent CAGR by 2026, per theBeyond Borders study – faster than the global average. The Zuora and EBANX integration will help digital businesses. This will especially be the case within SaaS or with recurring revenue streams, seize this growth potential.
Zuora and EBANX will focus on:
Brazil
Mexico
Colombia
Chile
Peru
Argentina
Uruguay
Paraguay
Costa Rica
the Dominican Republic
Guatemala
El Salvador
Panama
South Africa
Nigeria
According to data from PCMI, Chile leads Latin America with the highest internet penetration at 87 per cent and consumer spending that nearly doubles the regional average.
Meanwhile, Colombia ranked as the third-largest digital commerce market in LatAm with a 30 per cent growth rate last year and substantial subscription market penetration, underscoring the diversity and growth opportunities in the region.
John Phillips, SVP, global alliances at Zuora
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 monetisation 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.”
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