French retailer Carrefour has announced that it has acquired a 49% stake in Ewally, a company specialising in digital financial services.
The move is part of the retailer’s digital transformation strategy, and will allow the company to expand its payment and digital financial services in Brazil.
Paula Cardoso, CEO of Carrefour e-Business in Brazil, commented, "This strategic partnership with Ewally will enable us to develop a range of financial solutions that will ease the buying journey of our B2B and B2C customers across the Carrefour ecosystem."
One in three Brazilians, or about 45 million people, do not have a bank account, Carrefour said.
Ewally’s fully online, the digital account, accessible through an application, will allow customers to pay bills, transfer money, accept payments, and avail top up services.
Cardoso added, “With the startup’s development of cutting-edge technology, we will democratise access to financial services for current and new customers, and introduce innovations in payment methods [across] our different formats."
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.