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Fintech Magalu receives authorization from Central Bank and launches a payment startup in Brazil

September 15, 2022
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Fintechsbrasil
Fintechsbrasil
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The Fintech has just completed all the necessary tests and homologations and was approved by the Central Bank (BC) to offer the initiation of payment transaction via Pix in the scope of Open Finance.
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Hub Pagamentos, the payment institution (IP) of the group responsible for the service, also already has authorization as an ITP to operate in the Pix arrangement.

In an exclusive interview with Finsiders, the directors of Fintech Magalu, Robson Dantas and Fabio Murakami, reveal that the payments startup is being launched at Kabum!, e-commerce of technology and games acquired last year by Magalu.

"We will do a pilot now with a restricted Kabum! base, and then the idea is to make it available to the entire base," says Fabio Murakami, director of PF and BaaS products at Fintech Magalu. Today, Kabum! has about 2 million active customers.
"Since it is a new process, people need to understand what it is like to make an e-commerce purchase using payment initiation. So the idea is to do an A/B conversion test. It is a process of a few days," explains Fabio.

According to the executive, the payment initiation service will be displayed on the same screen as Pix, at checkout. This is because the instant payment system is already the second most used method by Kabum! users, second only to the credit card.

In the shopping experience with the initiator via Pix, the customer makes the entire payment journey in the e-commerce environment, without having to open the website or application of the bank or fintech where he or she has an account. ITP eliminates actions required in other payment methods, such as the famous boleto bar code or the "copy and paste" of the Pix.

As the name implies, the initiator gives the order to start the payment transaction, at the request of the user and with his prior consent. At this first moment, the service operates through Pix, but the Open Finance implementation schedule foresees other payment methods, such as TED and DOC, as well as soon it will also be possible to request recurring payment authorization through ITP.


BaaS

At fintech Magalu, payment initiation will soon also be available on MagaluPay, the payment method of the Magalu ecosystem that reached 5.7 million accounts in June this year. "Within MagaluPay itself, we will enable payment initiation for cash-in and cash-out," Fabio says. "The challenge for the coming months is to enable this wallet function within check-out," he adds.

With the digital account and its evolution as the ecosystem's standard payment method, what Magalu is trying to do is similar to the move made by Mercado Livre, with Mercado Pago - which today already accounts for 46% of the group's net revenue as a whole.

The payment initiation functionality will also soon be released to the other companies in Magalu's ecosystem, which owns more than ten companies, including delivery platform Aiqfome and sporting goods e-commerce site Netshoes. "We are going to put [the payment initiation service] in all the companies in the group. And on the market side, we are prospecting in Hub Fintech's base of 54 clients and also in the market in general," says Robson Dantas, director responsible for Fintech Magalu.

"It's for any company that wants to offer payment startups. For retailers looking to improve conversion, or digital wallets that feel like improving the cash-in process [cash-in]."

As Fabio explains, payment initiation will not just be sold as an 'ITP as a service', but with a complementary approach to the banking infrastructure solutions already offered today by Fintech Magalu, through Hub Fintech's banking as a service (BaaS) platform. "For example, the e-commerce that wants to receive is looking for payment initiation, but also a gateway, a Pix solution, anti-fraud."

Magalu puts its payment initiator to run four months after it officially announced the unification of its financial services business under the Fintech Magalu brand, integrating three businesses purchased by the retailer over the past two years: Bit55, a cloud card processing platform created by mining bank BS2; Hub Fintech, a payments institution that operates on BaaS; and Stoq, a startup from São Carlos (SP) that developed a SmartPOS.

Among the services offered by Fintech Magalu are: digital account, subadquirement, credit card, loans for individuals and companies, and the BaaS solution.

In the second quarter, the latest public data available, the fintech reached R$22 billion in total transaction volume processed (TPV), up 66.6% year over year. One of the highlights is the credit card, which totals approximately R$20 billion in credit portfolio and more than 7 million plastic cards issued.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Hub Pagamentos, the payment institution (IP) of the group responsible for the service, also already has authorization as an ITP to operate in the Pix arrangement.

In an exclusive interview with Finsiders, the directors of Fintech Magalu, Robson Dantas and Fabio Murakami, reveal that the payments startup is being launched at Kabum!, e-commerce of technology and games acquired last year by Magalu.

"We will do a pilot now with a restricted Kabum! base, and then the idea is to make it available to the entire base," says Fabio Murakami, director of PF and BaaS products at Fintech Magalu. Today, Kabum! has about 2 million active customers.
"Since it is a new process, people need to understand what it is like to make an e-commerce purchase using payment initiation. So the idea is to do an A/B conversion test. It is a process of a few days," explains Fabio.

According to the executive, the payment initiation service will be displayed on the same screen as Pix, at checkout. This is because the instant payment system is already the second most used method by Kabum! users, second only to the credit card.

In the shopping experience with the initiator via Pix, the customer makes the entire payment journey in the e-commerce environment, without having to open the website or application of the bank or fintech where he or she has an account. ITP eliminates actions required in other payment methods, such as the famous boleto bar code or the "copy and paste" of the Pix.

As the name implies, the initiator gives the order to start the payment transaction, at the request of the user and with his prior consent. At this first moment, the service operates through Pix, but the Open Finance implementation schedule foresees other payment methods, such as TED and DOC, as well as soon it will also be possible to request recurring payment authorization through ITP.


BaaS

At fintech Magalu, payment initiation will soon also be available on MagaluPay, the payment method of the Magalu ecosystem that reached 5.7 million accounts in June this year. "Within MagaluPay itself, we will enable payment initiation for cash-in and cash-out," Fabio says. "The challenge for the coming months is to enable this wallet function within check-out," he adds.

With the digital account and its evolution as the ecosystem's standard payment method, what Magalu is trying to do is similar to the move made by Mercado Livre, with Mercado Pago - which today already accounts for 46% of the group's net revenue as a whole.

The payment initiation functionality will also soon be released to the other companies in Magalu's ecosystem, which owns more than ten companies, including delivery platform Aiqfome and sporting goods e-commerce site Netshoes. "We are going to put [the payment initiation service] in all the companies in the group. And on the market side, we are prospecting in Hub Fintech's base of 54 clients and also in the market in general," says Robson Dantas, director responsible for Fintech Magalu.

"It's for any company that wants to offer payment startups. For retailers looking to improve conversion, or digital wallets that feel like improving the cash-in process [cash-in]."

As Fabio explains, payment initiation will not just be sold as an 'ITP as a service', but with a complementary approach to the banking infrastructure solutions already offered today by Fintech Magalu, through Hub Fintech's banking as a service (BaaS) platform. "For example, the e-commerce that wants to receive is looking for payment initiation, but also a gateway, a Pix solution, anti-fraud."

Magalu puts its payment initiator to run four months after it officially announced the unification of its financial services business under the Fintech Magalu brand, integrating three businesses purchased by the retailer over the past two years: Bit55, a cloud card processing platform created by mining bank BS2; Hub Fintech, a payments institution that operates on BaaS; and Stoq, a startup from São Carlos (SP) that developed a SmartPOS.

Among the services offered by Fintech Magalu are: digital account, subadquirement, credit card, loans for individuals and companies, and the BaaS solution.

In the second quarter, the latest public data available, the fintech reached R$22 billion in total transaction volume processed (TPV), up 66.6% year over year. One of the highlights is the credit card, which totals approximately R$20 billion in credit portfolio and more than 7 million plastic cards issued.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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