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Itaú Unibanco Holding SA's card payment processing arm Rede acquired on Wednesday e-commerce service provider maxiPago! for an undisclosed sum, in a bid to expand across home market Brazil and other markets in Latin America.
In a statement, Itaú said the purchase of the so-called payment gateway will allow it to gain "more agility and flexibility to develop innovative solutions to cater to the Brazilian market."
A gateway is a service that authorizes credit card payments for e-businesses, online retailers, bricks and clicks firms, or traditional brick and mortar companies. maxiPago!, founded in Brazil in 2011, adapted a merchant-acquiring platform widely used in the United States to the Latin American market. It can process as many as 4,000 transactions per second with available clearing and settlement platforms that could serve Brazil, Mexico, Argentina, Chile and Colombia, the statement added. (Editing by Meredith Mazzilli)