YES BANK, the private sector bank in India, and global fintech company, EBANX of Brazil, have announced a strategic partnership focused on boosting cross-border commerce in India. This collaboration aims to provide global businesses with easier access to India's rapidly expanding consumer base of 350 million online shoppers, the second-largest of its kind worldwide. The joint initiative also plans to streamline the execution of cross-border transactions for these worldwide merchants, offering compliant payment solutions specifically adjusted for the Indian market.
The partnership between Mumbai-based YES BANK and Curitiba-headquartered EBANX represents a fundamental advancement in the digital payment landscape. The combined expertise in cross-border payments and digital capabilities will grant global sellers seamless access to scalable payment solutions. These technically advanced and fully complainant solutions have been painstakingly crafted within an innovative business architecture framework to fit the unique dynamics of the Indian market.
The suite of payment solutions includes a full array of local payment methods making use of the Unified Payments Interface (UPI), cards issued across all locally available networks, sophisticated recurring payment transactions, and mandate management services. This provision aims to empower global merchants to successfully navigate, and benefit from, one of the world's fastest-growing economies and its rapidly evolving digital payments landscape.
Ajay Rajan, Country Head - Multinational and International Business Transaction Banking at YES BANK, elaborated on the strategic significance of this partnership, saying, "Joining forces with EBANX perfectly complements our vision to provide Indian customers and global merchants with a broad spectrum of digital financial services that support burgeoning international digital commerce transaction volumes. Through leveraging EBANX's international know-how and advanced technological solutions, we are well-placed to deliver scalable payment solutions tailored to our market, ultimately fostering conducive conditions for global trade into India."
Paula Bellizia, President of Global Payments at EBANX, expressed her optimism about the collaboration: "Our partnership with YES BANK is carving new routes for global companies to integrate and flourish within the Indian market. With YES BANK's robust digital capabilities alongside our expertise in cross-border payments, we're primed to revolutionise how international merchants engage with Indian customers. Instant, alternative payment methods have the potential to bring about substantial transformations in emerging markets."
Both YES BANK and EBANX see this venture, which integrates technological innovation with regulatory compliance, as a game changer capable of making sweeping impacts, benefiting not only the two entities, but also the wider ecosystem of merchants, consumers, and the digital economy in India and beyond. Through the introduction of payment solutions and a customer-centric ethos, they aim to lead the evolution of cross-border commerce while also promoting economic growth within India and beyond.
