Around 75 per cent of Brazil’s population use Pix Pay, with 15 million companies offering the payment service as an option at checkout. It is by far and away, the most popular local payment method and as such, OpenPayd, the embedded finance infrastructure provider, is enabling its clients to send and receive payments via Pix.
Since launching in 2020, around two-thirds of the Brazilian population has used Pix to make and receive payments. It’s now one of the most used real-time electronic transfer systems in the world, second only to India’s United Payments Interface.
Pix was developed to combat the challenges related to traditional fund transfer methods offered by Brazil’s banking sector. Users often incurred high transfer fees, were limited by settlement time and also restricted to ‘working day’ operational hours. Pix local payments in contrast are available 24/7 and a much cheaper, more reliable option for businesses and consumers alike.
Enabling wide-reaching and agile payments
“Brazil is positioning itself as a global leader for the digital finance transformation, and we’re ensuring our clients can be a part of it. In May 2024, there were over five billion Pix transactions processed. This demonstrates the scale of, and demand for, real-time payments in the LatAm market,” said Mert Aslaner, head of product at OpenPayd. “Furthermore, enabling access to the world’s largest payment rails ensures that our customers’ payments can be as wide-reaching and agile as they are.”
The digital economy’s global nature necessitates robust international infrastructure for businesses with strong growth ambitions. As such, OpenPayd provides its clients with a global suite of embedded finance infrastructure through a single API. Customers can easily embed payments, accounts in multiple currencies and foreign exchange services into their own platforms. They can also move banking and payments from a cost centre to a revenue generator.
Expanding its footprint in LatAm
OpenPayd will continue to expand its access to local and international payment rails to support its mission of powering the growth of the digital economy. Additionally, OpenPayd clients can send and receive payments across 190+ countries and territories. This is achieved all through a single API or via the online platform.
Speaking exclusively to The Fintech Times, Aslaner added: “Digital-first businesses have the benefit of being able to expand to global markets without having the time and cost restraints of having a physical presence. To be successful in expanding to new markets, you do however need to localise your products and services.
“Offering a localised payment experience builds trust, improves payment conversion and ultimately powers growth. Since its launch, Pix has been used by around two-thirds of Brazilians. This number is continuously growing and consequently, we’re proud to be able to help our clients reach new audiences and grow in this market.”