Itaú Unibanco has introduced Itaú Pay, a payment solution designed to let customers complete purchases at participating online stores directly through the bank’s app. The service combines payment, security authentication and credit analysis in a single checkout journey.
The tool is intended to address common e-commerce problems, including payment declines linked to suspected fraud or insufficient limits, incorrect card details and lengthy checkout processes. By bringing customer information, fraud prevention and credit offers together, Itaú says the system can make transactions more efficient.
When shoppers select Itaú Pay at checkout, they do not need to enter card numbers or security codes on the retailer’s website. The purchase is completed in the Itaú app, where customers can choose to pay with their account balance or available credit. Before confirming the order, the interface displays the total amount and the applicable financial conditions.
Eligible customers may also receive extended installment options, additional limits for purchases and the possibility of using points accumulated through the bank’s program. Itaú expects these payment conditions to encourage higher-value purchases, estimating that extended installments could increase the average purchase amount by up to 50%.
According to figures disclosed by the bank, the technology could raise transaction approval rates by up to 10 percentage points by reducing fraud-related losses and payment refusals. The service uses the payment infrastructure of Rede, Itaú’s acquiring company.
Travel platform Decolar was the first company to adopt Itaú Pay, which is already available to its customers. The rollout will expand gradually in the coming weeks, with Raia Drogasil, Localiza, Zig and EBANX included in the planned schedule for offering the payment method in their digital environments.
Sources: Olhar Digital.