Banrisul enters card acquiring market with MasterCard

Wednesday, March 2, 2011

Brazil's Banrisul has entered the merchant acquiring business through a partnership with MasterCard (NYSE: MA), the Rio Grande do Sul state bank said in a press release.

Banrisul has worked with MasterCard since 1999 as an issuer and will add the card brand to its acquirer network, known as Rede Banricompras, which is focused on the southern states of Rio Grande do Sul and Santa Catarina. Banricompras also has its own card brand with the same name.

Many retailers in Rio Grande do Sul will start accepting cards from MasterCard for the first time, noted the US company's VP for Latin America, Horst Muller.

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Banricompras recorded 70.9mn transactions last year for a total financial volume of 4.8bn reais (US$2.89bn), and the bank expects the partnership with MasterCard to help boost financial volume by 35% this year, said Banrisul president Rubens Bordini.

MasterCard also works with Brazil's largest card acquirers - Redecard and Cielo - and Santander Brasil (NYSE: BSBR), which entered the card acquiring market last year.