Banco Santander’s payment fintech, PagoNxt, announced that its merchant payments business is launching in Europe under the Getnet brand.
Foreign and domestic merchants of all sizes in some 30 countries, whether or not they are customers of Banco Santander, can now use Getnet’s wide range of secure, reliable and straightforward payment solutions for easier and quicker sales.
Getnet, which has strong business in Spain and Portugal, will now expand to other countries.
Getnet’s services focus on a value proposition for large e-commerce retailers that will gradually expand to include over-the-counter and other types of payments. Over the coming months, its own sales teams and Banco Santander’s network will distribute its products and services, which will cover the needs of all merchant segments in Europe. Getnet Europe has operational headquarters and technology hubs in Munich, Madrid, Dubai and Chennai, India.
Getnet, which has 1.1 million clients, processed €90 billion in some four billion payments in 2020. It already boasts the third highest customer base and turnover among Latin American merchant payment firms. It is active in Brazil (where it is an e-commerce leader), Mexico, Chile, Argentina and soon in Uruguay. The purchase of Wirecard’s assets earlier this year has allowed PagoNxt to bring forward its plans and launch Getnet in Europe on a vastly accelerated timetable.
Getnet is part of PagoNxt, a fintech that brings together all of Santander’s most innovative and disruptive payments businesses. It will build on Santander’s scale, 150 million clients (including four SMEs) and 60 million active cards to leverage the significant growth in payments, with digital transactions expected to double between 2020 and 2025, up to USD 10.5 trillion.