- The system has the potential to become a global standard for instant payments
The Central Bank of Brazil is working to connect Pix with platforms around the world. The system has the potential to become a global standard for instant payments.
Brazil is studying how to make cross-border payments faster and cheaper.
Pix, the instant payment system developed by the Central Bank of Brazil, has revolutionized the way Brazilians pay and receive money.
Since its launch in November 2020, Pix has gained rapid adoption, with over 160 million active users and 2 billion monthly transactions. It surpasses credit and debit cards as the preferred payment method in Brazil.
The Central Bank of Brazil has signed agreements with several countries, such as Uruguay and Paraguay, to allow interoperability between Pix and local payment systems. Last year, Frecuencia Money reported on the agreement with Colombia.
In addition, the Bank of Mexico, the Central Banks of Chile and Argentina, as well as some countries in Europe and Asia, have also shown interest in Pix.
What advantages does Pix offer?
Pix offers several advantages that make it attractive to users and businesses:
- Instaneity: Transactions are processed in real time, 24 hours a day, 7 days a week.
- Security: Pix uses a biometric authentication system to ensure the security of transactions.
- Cost: Pix transactions are free for individual users.
- Simplicity: Pix is easy to use for both users and businesses.
The internationalization of Pix offers several opportunities for fintech and banks.
In Argentina, for example, the Naranja X card has incorporated the PIX digital payment system to accept payments from Brazilian bank accounts. This offers a great alternative to thousands of Brazilian tourists who can make payments in Argentine stores, easily, at no additional cost and with immediate accreditation.
The fintech of Banco Galicia in Argentina incorporated Pix for real-time transfers. The partnership allows its users to accept direct payments from Brazilian bank accounts.
Another case is the partnership with the Belo platform, which allows Argentines to make payments in Brazil. Belo allows you to load Argentine pesos and other currencies and pay with Pix: the platform converts automatically.
Integration with Pix can offer:
- Access to new markets: Businesses will be able to access a market of over 200 million people in Latin America.
- Cost reduction and efficiency: Businesses will be able to reduce the costs of international transactions.
- New products and services: Companies will be able to develop new products and services based on Pix.
Conclusion:
Pix is an instant payment system with great potential for growth and international expansion. It offers several advantages for users and businesses and opens up new opportunities for the development of financial products and services.