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Carrefour Brasil acquires 49% of Brazilian mobile payment provider Ewally

Carrefour SA on Oct. 1 said its Brazilian arm acquired 49% of São Paulo-based financial technology company Ewally for an undisclosed amount.

The French retailer said Carrefour Brasil will also have the option to acquire a controlling stake in Ewally after three years.

Ewally's mobile app, which provides users with payment and money transfer services, could allow Carrefour to reach customers in Brazil who do not have bank accounts.

Paula Cardoso, CEO of Carrefour e-Business Brazil, said the partnership with Ewally could help it develop financial solutions to improve its business-to-customer and business-to-business services.