The acquisition will allow Nubank to offer even more payment solutions for electronic retail

Brazil-based Nubank acquires Pix payment platform for online stores. Source: unsplash.com

Nubank has announced the acquisition of Spin Pay, an instant payment fintech that offers support for purchases via Pix in e-commerce.

Spin Pay works in partnership with over 220 retailers from different sectors, such as department stores, electronics and airlines, enabling the replacement of bureaucratic payment methods.

The solution is available on the e-commerce platforms VTEX, Loja Integrada and soon on Shopify Plus, in addition to APIs capable of integrating with any type of retail system.

Besides, Spin Pay will function as a separate business unit, working on developing technologies – but aligned with Nubank’s purpose.

Pix is a payment method in Brazil launched in November 2020. According to data from the Central Bank, the new payment method has already moved over R$ 1 trillion in just over six months of operation. Along with that, Pix has surpassed the use of other payment alternatives, such as TED and DOC.

We’ve reported that Mastercard announced collaboration with US Bank.

SEE ALSO:

• Top 5 economic superpowers: who are they?
• Can a web app ever be secure?
• Why is Robinhood stock going up?