EBANX Vice President of Merchant Success APAC Sean Yu / Courtesy of EBANX

In emerging markets, where access to traditional banking is limited, local payment methods often take precedence over global ones. Many consumers either lack banking access or feel more comfortable using familiar, local methods rather than sharing information with global companies.

For these consumers, alternative payment methods — such as Pix in Brazil and UPI in India — have gained popularity due to their convenience and real-time processing capabilities. In Africa, mobile money services allow users to conduct financial transactions through their phones, even without an internet connection.

While companies aiming to expand into emerging markets will encounter various challenges, payment infrastructure — often an unforeseen obstacle — may prove to be the most significant. This is precisely where the Brazilian fintech unicorn made its mark.

"Consumers are empowered to engage in digital commerce with payment methods that best suit their needs," Sean Yu, EBANX vice president of merchant success APAC, said in an email interview with The Korea Times.

"At EBANX, we understand that entering emerging markets like South America and Africa comes with unique challenges and opportunities. Our mission is to simplify this journey for global companies by providing tailored support that meets the specific needs of these dynamic regions."

Since its founding in 2012, EBANX has aimed to empower Latin Americans and Africans to access international products and services, while enabling global companies to expand into these regions. Its platform supports transactions across multiple markets by integrating over 200 local payment methods.

"We also recognize the importance of providing localized support and insights. Our dedicated teams are well-versed in the regulatory environments, consumer behaviors and market dynamics of each region we serve. This allows us to offer strategic advice and real-time assistance, helping our clients navigate the complexities of entering new markets," Yu added.

Over time, EBANX has established partnerships with various global companies. More than 150 million customers have made digital payments through EBANX, and over 2,500 brands have used the service so far, according to the firm.

"Our competitive advantage lies in our ability to maximize payment strategies with a unique combination of cutting-edge technology, local expertise and exceptional service levels. We deliver optimized payments performance through smart routing and dynamic retry mechanisms, which can increase approval rates while minimizing chargebacks," Yu said.

"Our all-in-one platform also requires only a single integration, saving significant development time and accelerating the go-live process in new markets."

EBANX's headquarters in Curitiba, Brazil / Courtesy of EBANX

EBANX now hopes to expand its presence in Korea, a major gaming powerhouse in the Asia-Pacific region. It maintains a partnership with Korean gaming giant Gravity Game Vision, producer of Ragnarok Origin: ROO, and will participate in G-STAR, Korea's largest gaming event, held in Busan from Thursday to Sunday.

The gaming industry shows the most potential for a mutually beneficial partnership, according to Yu.

While Korea stands out as a major gaming hub, the overall size of the gaming market is growing rapidly, with an annual rate of 7.93 percent projected through 2029, according to Statista. Emerging markets have also proven their potential, with the number of gamers in Latin America and Africa increasing by 5.6 percent and 8.2 percent this year, according to Newzoo's Global Games Market Report 2024.

"Many Korean gaming companies have their global strategy and roadmap to promote their games not only to Koreans but also to gamers abroad, such as APAC, North America and Latin America," Yu said. "These regions hold immense potential for global companies to reach new customers worldwide. EBANX has all the tools to unlock these markets for Korean companies."

The opportunities for overseas expansion can be critical as "digital commerce in Korea is reaching a plateau" despite strong domestic consumption. Yu cited forecasts from a data provider eMarketer Forecast.

"In 2024, these regions are projected to see a 21.5 percent increase in mobile users, according to Statista, making them attractive markets for Korean companies that have been pioneering innovations in online gaming. We view G-Star as an excellent platform to showcase the potential of these rising markets to Korean companies," Yu said.

EBANX is eager to explore partnerships across industries that align with the ongoing digitalization and financial inclusion trends in these emerging markets.

"Our interests extend to sectors such as gaming, social media, e-commerce, streaming services, online travel, SaaS solutions and B2B trade," Yu said. "We aim to support Korean companies in entering these rapidly expanding markets, fostering mutual growth and success."