Santander ventures into prepaid card market

Santander Brazil has acquired 50% stake in Super, a digital platform offering online payments and prepaid cards services for the unbanked.

The Brazilian unit of Spanish banking group Santander has acquired 50% stake in Super, a digital platform offering online payments and prepaid cards services for the unbanked, to reach out to the customers without a bank account.

The transaction that marks the onset of Santander Brasil’s prepaid card endeavor will reinforce the bank’s presence in the payment methods sector in the South American country.

The deal, whose value was not disclosed, will help Santander to leverage Super’s platform that presents consumers with the opportunity to pay bills online, deposit funds and load prepaid cards with foreign currency for use in stores or online.

Santander Brasil executive vice president of operations of retail banking Conrado Engel said: “Super has a strategic business model in that it provides initial contact with financial services for a significant portion of the population.”