News

Aug 20, 2023

Amazon set to launch credit card in Brazil with Bradesco

The logo of Amazon is seen on the company's logistics centre in Boves, near Amiens, France, April 8, 2022. REUTERS/Christian Hartmann SAO PAULO, Aug 4 (Reuters) - Amazon.com (AMZN.O) will launch a

The logo of Amazon is seen on the company's logistics centre in Boves, near Amiens, France, April 8, 2022. REUTERS/Christian Hartmann

SAO PAULO, Aug 4 (Reuters) - Amazon.com (AMZN.O) will launch a credit card offering in Brazil, in a partnership with Brazilian lender Banco Bradesco SA (BBDC4.SA), the bank's chief executive said on Friday, as the ecommerce giant pushes to expand its fintech offering.

The launch is set for next Tuesday, according to CEO Octavio de Lazari Junior, adding that the bank will manage the card's credit risk, and the card will be powered by Mastercard (MA.N).

More details, such as the card's loyalty rewards and credit limits, are expected next week.

Amazon's Brazil Country Manager, Daniel Mazini, said in a note that the company is always "looking for opportunities" to improve the shopping experience of customers in Brazil.

The credit card offers comes at a time the country sees its interest rate starting a downward cycle and government programs to boost consumption. Brazil's central bank voted on Wednesday to cut its benchmark interest rate by 50 basis points to 13.25%.

Amazon also has a credit card offering in the U.S., where it partners with JPMorgan Chase.

Credit lines can serve as a potential growth avenues and are proving increasingly popular with non-financial services companies.

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