Pix, one of the preferred payment methods in Brazil, continues to gain popularity with nearly 150 million registered users and over 2 billion transactions processed within its first 9 months since launch in November 2020. With more than 3 billion monthly transactions and a record-breaking transfer amount of over R$1.28 trillion in March 2023, according to the Central Bank, PIX has emerged as a dominant force in the Brazilian financial landscape.
Expanding the reach of PIX in Latin America will enable individuals and businesses to conduct fast, secure, and efficient online transactions, even across borders. This development addresses three main challenges in cross-border payments:
- Instant and efficient currency conversion.
- Enhanced transaction security and traceability.
- User-friendly experience for Brazilians worldwide.
Moreover, utilizing PIX offers a lower Financial Transactions Tax (IOF) of 0.38% compared to the 5.38% charged for credit card purchases.
Through this strategic partnership, Brazilians traveling throughout Latin America will continue to enjoy the seamless payment experience provided by PIX in an increasing number of countries. We anticipate strong adoption of this payment method among consumers and businesses in the region, leading to substantial cost savings for both merchants and Brazilian buyers across Latin America.
In an era where financial inclusion plays a crucial role in Latin American economies, we take pride in spearheading this initiative and working with our partners to make PIX accessible to all.
Roger Ades, Director of Banco Rendimento, emphasizes the transparency offered during the payment process, stating, “What’s most interesting for customers at the time of purchase is that they have full visibility into the amount in dollars and the final amount they will pay in reais before completing the transaction.”
Ronald Alvarenga, CEO of Inswitch, highlights the growth of e-commerce in the region and the need for improved payment options, stating, “At Inswitch, we are honored to collaborate with Banco Rendimento to democratize access to financial services using a payment method like PIX, which has already proven its effectiveness and robustness in handling transactions in a country like Brazil.”
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