NuPay: new payment method available in Brazil
25/01/2023See how your cross-border e-commerce can benefit from integrating NuPay for Business into your checkout: payment via Pix and in installments for your customers.
NuPay is a new payment solution launched by Nubank, a Brazil-based financial services company. The new product was developed to enable cross-border or local e-commerce platforms to offer the most modern and fastest payment methods, such as Pix, and to bring advantages for users, such as monthly payment plans and greater purchasing power. In partnership with Bexs Pay, Bexs’ cross-border payment provider that intermediates transactions, NuPay is yet another alternative for connecting Nubank customers to the best products and services from around the world.
NuPay: online payment system that maintains Nubank customers’ credit limit
Nubank’s 54 million customers can now shop online without a credit card. Aligned with e-commerce trends for the coming years in Brazil and the world, such as Buy Now Pay Later, NuPay offers payment in up to 24 monthly installments and instant payment confirmation. In practice, this increases purchasing power and simplifies checkout process. For online stores seeking an alternative for reducing their cart abandonment rate, the advantages of this online payment system can be a determinant factor: the platform adapts to the operating flow already established in each e-commerce, making it possible to customize the payment experience and keep inventory always updated.
Nubank Pay supports monthly payments as well as debit and Pix options
A survey conducted by the Credit Protection Service (SPC Brasil) showed that 83% of Brazilians use credit cards when they want to pay in installments. Now, there is a new possibility. NuPay allows buyers to make payments by accessing the Nubank app and selecting the option of payment via debit card or selecting the number of monthly installments. Each store can define, in agreement with NuPay, the installment options they want to offer. Normally, purchases are charged on the credit card bill and subject to the credit limit available, but NuPay does not use the data from any kind of card to authorize payments.
Payment via Pix is another option supported by NuPay, with payments initiated using the QR Code or Pix Copy & Paste. Integration with the e-commerce platform is made through the payment API and, for end consumers, the payment process is the same: opening the app of any financial institution where they have an account. The concepts of instant payments, open banking and technology define the NuPay experience.
Payment method does not require sharing bank data with virtual stores
Agility, convenience and security ensuring the lowest rates for retailers: that is NuPay’s proposal. To eliminate the risk of fraud, Nubank Pay requires only the password used on the Nubank app to complete purchases. This means that customers of online stores accepting NuPay do not have to provide credit or debit card information on the checkout page. Fraud and chargeback risks are mitigated with the adoption of this payment method.
Online payment platform Bexs Pay and NuPay: enjoy the benefits from this partnership
Next-day settlement, simplification of online retail processes, higher order approval rate, greater purchasing power for consumers with additional credit limits… the advantages are many of including NuPay among the payment methods offered by your e-commerce.
For stores operating cross-border to Brazil, i.e., that are based in any country worldwide and sell to Brazilian customers, Bexs Pay ensures translation into Brazilian real and local payment options to guarantee a fluid and simple shopping experience for consumers. The storeowner then receives the sales amount in their preferred currency at their preferred bank. Talk to us!