The partnership will empower South Korean brands in the digital economy to connect with high-growth markets through localized payment solutions and unlock access to nearly 1 billion potential digital customers in Latin America, Africa, and India
BRAZIL AND SOUTH KOREA, November 13, 2023 - In a strategic collaboration to globalize further payment services, EBANX, a global technology company specializing in payments for rising markets, has partnered with Eromnet, a prominent Payment Service Provider (PSP) based in South Korea. This alliance aims to facilitate the seamless integration of Eromnet's South Korean merchants into EBANX's global payments platform, enabling them to leverage the rapid adoption of local payment methods in high-growth markets across Latin America, Africa, and India, where digital commerce is expected to grow 23%, 15% and 14%, respectively, between 2023 and 2026 according to PCMI and Statista.
Since 2012 the Brazilian fintech company connects global brandsin technology, retail, streaming, among other verticals, to nearly 1 billion digital consumers through more than one hundred localized payment solutions in 29 countries across Africa, Asia, and Latin America. South Korean digital economy enterprises will be able to offer diverse payment methods to their customers in Latin America, Africa, and India, which are markets experiencing significant economic growth, through Eromnet's integration with EBANX.
Leveraging this partnership, merchants can access EBANX's platform and extensive payments portfolio and offer popular, locally preferred payment methods from cards to alternatives, like Pix in Brazil, debit cards in Mexico, cash vouchers in Peru, mobile money in Kenya, and UPI in India, among others, optimizing their reach and boosting sales in Latin America, African and Asian countries.
Wei Duan, VP for APAC at EBANX, emphasized the importance of a payment strategy for enabling South Korean merchants to establish a strong presence in these flourishing economies. "The partnership with Eromnet is aligned with our mission at EBANX, which is to create access by empowering businesses to expand their horizons and reach new customers through tailored localized payment solutions. Our goal is to provide access to customers in rising markets, making it easier for them to pay for services and products in their preferred ways,” said Duan.
Dong Jae Kim, Director, Co-founder at Eromnet, share a similar perspective for the partnership: "Collaborating with EBANX is a pivotal step for us, as it allows our South Korean merchants to tap into the thriving economies of Latin America, Africa, and India. Eromnet is committed to providing innovative payment solutions that facilitate seamless transactions and empower merchants to succeed globally."
By bridging the gap between South Korean merchants and these high-growth markets, EBANX and Eromnet are driving a new era of international commerce in the country. South Korean businesses can now capitalize on the burgeoning digital landscape in growing economies and cultivate mutually beneficial relationships with a diverse customer base.
EBANX is the leading payment platform connecting global companies such as Shein, Shopee, Uber, Spotify, among others, with customers from one of the fastest-growing digital markets in the world. The company was founded in 2012 in Brazil with the mission of giving people access to buy in international digital commerce. With powerful proprietary technology and infrastructure, combined with in-depth knowledge of the markets where it operates, EBANX enables global businesses to connect with hundreds of payment methods in different countries in Africa, Asia, and Latin America. EBANX goes beyond payments, increasing sales, and fostering seamless purchase experiences for businesses and clients.
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Established in South Korea in 2016; eromnet is a leader amongst Global Fintech businesses. Eromnet provides various payment methods and supports operating systems with single API related to approval, purchase, and settlement to multi-national global consumers and merchants to meet the rapidly changing digital commerce. “PayVerse” the name of eromnet’s payment platform is a service that helps consumers make safe and convenient payments via credit cards or alternative payment methods when consumers purchase products, contents, and services online. PayVerse offers global credit card, alternative payments (Mobile Wallet, Bank Transfer), crypto payments and local payments with local currencies around the world. Settlements are available with any merchant’s desired currency.
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