First Data is bringing a new electronic payment offering to Brazil in collaboration with Bancoob, the banking arm of the credit union cooperative system Sicoob.
The offering, called Bin, will use Bancoob as its formal acquirer. First Data invested nearly $150 million to build Bin. It has hired more than 200 people who will work in the Atlanta-based processor's new Sao Paolo office to support this product launch.
"With Bin and its focus on electronic payments, First Data Brazil takes its first and most important step toward offering the next generation of an integrated point of sale and commerce solution for merchants," said Debbie Guerra, general manager of First Data Brazil, in an Aug. 15 release.
Bin has already begun its operations with MasterCard for credit, debit and installment payments and anticipation of credit receivables. Card acceptance with Visa and Cabal will be enabled in a few weeks, First Data said in the news release.
First Data also plans to launch its Clover tablet-based point of sale system next year in Brazil. Separately, Bancoob will launch an acquiring services brand in October that will support the 300,000 Sicoob merchants that use First Data's electronic payment technology.