How monday.com is Redefining B2B Payments in Brazil with EBANX Innovations
In recent years, the world of B2B payments has seen significant transformation, particularly in emerging markets such as Brazil. A major player in this landscape is monday.com, a global software company renowned for its work management platform. Leveraging the expertise of EBANX, a tech firm specializing in payment services for developing economies, monday.com has managed to optimize payment processes for its Brazilian clientele, leading to impressive growth metrics.
Recent data indicates that monday.com has successfully raised the average transaction size in Brazil to over $9,000. This achievement is largely attributed to the strategic incorporation of local payment solutions that resonate with user preferences. In Brazil, payment methods such as credit card installments and Boleto Bancário are particularly prevalent. The latter, a popular bank slip system, can be settled both online and offline, making it an essential tool for financial inclusion in a country where around 60 million individuals lack access to credit cards. By allowing businesses to access both payment routes, monday.com has empowered Brazilian enterprises to boost their operational efficiency and drive growth since the start of 2022.
The prevalence of installment payments in Brazil is deeply rooted in historical economic contexts, particularly the inflation crises faced in the 1980s and 1990s. To cater to the Brazilian market, where a culture of splitting payments has evolved, monday.com has established a foundation for success. Approximately 35% of the processing volume through EBANX has been facilitated via installment payments over the past year. According to Mauricio Prado Silva, VP of LATAM at monday.com, this strategic partnership with EBANX has revolutionized the payment procedures. He states, "Our collaboration has transformed how we manage payments, providing our customers with a seamless and localized payment experience that suits their needs."
The adoption of cash payments is another hallmark of this partnership. Recent findings suggest that about 25% of B2B purchases in Brazil utilize Boleto payments, which stands in stark contrast to a modest 10% for P2B transactions. Notably, Boleto Bancário has emerged as a cornerstone for monday.com, accounting for 52% of total transactions within the country. This figure underscores the necessity of aligning payment strategies with local consumer behavior. Robert-Jan Lieben, Vice President of Commercial in Europe at EBANX, further reinforces this notion by asserting that understanding local payment habits can drastically enhance business success.
The rise of the SaaS (Software as a Service) market in Latin America is promising, with growth projections of 20% annually until 2027, according to Payments and Commerce Market Intelligence (PCMI). This expanding digital economy is driven by rapid technological advancements, alongside increased adoption of cloud-based solutions. Monday.com’s progress in Brazil exemplifies the potential for SaaS offerings in Latin America. As payment giants like EBANX come into play, supporting both large enterprises and SMBs (small and medium-sized businesses), local payment options become essential facilitators of cross-border e-commerce.
In summary, as monday.com continues to expand its footprint in Latin America, its collaboration with EBANX not only highlights the critical role of localized payment solutions but also reveals an evolving landscape for B2B transactions in Brazil. The unique challenges posed by the region call for a nuanced understanding of consumer preferences, with both installment-based and cash payment methods paving the way for business growth in the future. With strategic partnerships and commitment to innovation, there is no telling how far these companies can go in reshaping the B2B payment experience in Brazil and beyond.
Recent data indicates that monday.com has successfully raised the average transaction size in Brazil to over $9,000. This achievement is largely attributed to the strategic incorporation of local payment solutions that resonate with user preferences. In Brazil, payment methods such as credit card installments and Boleto Bancário are particularly prevalent. The latter, a popular bank slip system, can be settled both online and offline, making it an essential tool for financial inclusion in a country where around 60 million individuals lack access to credit cards. By allowing businesses to access both payment routes, monday.com has empowered Brazilian enterprises to boost their operational efficiency and drive growth since the start of 2022.
The prevalence of installment payments in Brazil is deeply rooted in historical economic contexts, particularly the inflation crises faced in the 1980s and 1990s. To cater to the Brazilian market, where a culture of splitting payments has evolved, monday.com has established a foundation for success. Approximately 35% of the processing volume through EBANX has been facilitated via installment payments over the past year. According to Mauricio Prado Silva, VP of LATAM at monday.com, this strategic partnership with EBANX has revolutionized the payment procedures. He states, "Our collaboration has transformed how we manage payments, providing our customers with a seamless and localized payment experience that suits their needs."
The adoption of cash payments is another hallmark of this partnership. Recent findings suggest that about 25% of B2B purchases in Brazil utilize Boleto payments, which stands in stark contrast to a modest 10% for P2B transactions. Notably, Boleto Bancário has emerged as a cornerstone for monday.com, accounting for 52% of total transactions within the country. This figure underscores the necessity of aligning payment strategies with local consumer behavior. Robert-Jan Lieben, Vice President of Commercial in Europe at EBANX, further reinforces this notion by asserting that understanding local payment habits can drastically enhance business success.
The rise of the SaaS (Software as a Service) market in Latin America is promising, with growth projections of 20% annually until 2027, according to Payments and Commerce Market Intelligence (PCMI). This expanding digital economy is driven by rapid technological advancements, alongside increased adoption of cloud-based solutions. Monday.com’s progress in Brazil exemplifies the potential for SaaS offerings in Latin America. As payment giants like EBANX come into play, supporting both large enterprises and SMBs (small and medium-sized businesses), local payment options become essential facilitators of cross-border e-commerce.
In summary, as monday.com continues to expand its footprint in Latin America, its collaboration with EBANX not only highlights the critical role of localized payment solutions but also reveals an evolving landscape for B2B transactions in Brazil. The unique challenges posed by the region call for a nuanced understanding of consumer preferences, with both installment-based and cash payment methods paving the way for business growth in the future. With strategic partnerships and commitment to innovation, there is no telling how far these companies can go in reshaping the B2B payment experience in Brazil and beyond.
Topics Financial Services & Investing）
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