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Cielo to expand partnerships with Brazilian banks and retailers

Stock MarketsMay 03, 2018 10:31AM ET
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© Reuters. Cielo to expand partnerships with Brazilian banks and retailers

SAO PAULO (Reuters) - Cielo SA (SA:CIEL3), Brazil's largest payment processor, said on Thursday it will partner with banks and retailers to sell debit and credit card processing machines instead of renting them, in the face of increasing competition from newcomers.

Chief Executive Eduardo Gouveia told journalists that Cielo may partner with Banco do Brasil SA (SA:BBAS3) and Caixa Econômica Federal, in addition to a partnership already formed with Banco Bradesco SA (SA:BBDC4).

Cielo's rivals such as PagSeguro Digital Ltd (N:PAGS) have been gaining market share in card transactions by selling instead of renting out card processing machines.

Cielo's first-quarter net income missed analyst estimates on Wednesday as its points of sale declined about 14 percent from a year earlier.

Cielo shares fell 4.3 percent on Thursday morning to 18.33 reais.

($1 = 3.55 reais)

Cielo to expand partnerships with Brazilian banks and retailers
 

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