MagaluPay integrates new brand of Magazine Luiza’s fintech arm

Customers of Magazine Luiza’s digital wallet, MagaluPay, are part of the company’s new payment operator, Fintech Magalu. The new brand is the result of the purchase of the financial services startup Hub Pagamentos, acquired in December 2020 for R$ 290 million, and becomes part of the retailer’s ecosystem, acting in the provision of financial services through the digital account.

Magazine Luiza has been warning digital wallet customers about Fintech Magalu by email since at least last (27). The company says it will review the registration data of users and, if necessary, should alert those who need to update the information.

The email sent to MagaluPay customers is related to a requirement by the Central Bank to update data and the terms of use of the retailer’s financial arm. All digital wallet users must receive the letter informing them of the move to Fintech Magalu. Despite discreetly announcing a new brand, Magazine Luiza says that the name has already been used by the company as a strategic aspect in Investor Relations announcements.

In addition to using the wallet to pay for purchases in physical stores or in the retailer’s app, the customer can use it to pay off electricity, water or gas bills using Pix.

Leave a Reply