Pix has revolutionised the way Brazilians make payments, making transfers convenient, secure and instant. However, the impact of this system goes beyond Brazil's borders. Pix has the potential to simplify and speed up cross-border transactions. All that's needed is for international merchants to partner with a good payment gateway in Brazil.
In contrast to traditional cross-border transactions, which are often slow and associated with high fees, Pix takes place in real time. This means that funds can be transferred to the recipient's account within seconds. It is also secure, with robust anti-fraud and anti-money laundering measures in place. So why not find out how you can make the most of Pix for cross-border transactions?
To get an idea of the potential of Pix, all you have to do is look at the latest statistics published by the Central Bank of Brazil. This document provides an overview of the service that has transformed the way in which Brazilians carry out money transfers and payments. According to the Pix Management Report, 2.9 billion transactions were made through the system in December 2022, compared to 1.4 billion in December 2021. In other words, there has been a 107% increase in transactions in just one year. In addition, the amount of transactions in December last year was R$ 1.2 trillion. This amount represents a 67% increase compared to December 2021, when R$ 718 billion was transacted.
It was also in December 2022 that the largest Pix transaction to date took place, with a total value of R$ 1.2 billion. The average amount of a transaction between individuals during the year was R$ 257. Another noteworthy statistic is that in the first quarter of 2022, Pix became the most widely used electronic payment instrument by consumers, surpassing credit and debit cards, with 4.3 billion transactions - a particularly significant milestone.
In the same way as on the payer side, Pix has also been very successful on the receiver side (companies and businesses). In this sense, its low cost compared to other payment methods has been an important driving force.
Before using Pix to optimise your international transactions, it's important to understand all the possibilities this technology offers. For example:
For those who need to pay Brazilian service providers, even from another country, Pix can be the ideal solution. After all, with a payment gateway in Brazil that offers this integration, the payments can be processed in an instantly.
Brazilians are undoubtedly the main drivers of e-commerce competitiveness. Therefore, if you want to reach the country's more than 200 million consumers, you need to offer their preferred local payment methods. What is more, Pix makes the payment process extremely simple and transparent.
Similarly to e-commerce, social media platforms and mobile apps looking to expand their business into Brazil can greatly benefit from the use of Pix. After all, it offers speed and convenience, making it easier for these companies to set up appropriate payment flows.
In addition to the security and speed that Pix offers, it also brings a great deal of convenience to the sales process in Brazil. It can be integrated into your own system via APIs. All you need is a payment gateway in Brazil. Bazk, for example, provides your company with a unified solution for accessing multiple financial institutions. So you can work with real-time information and instant reconciliation of Reais with dynamic QR codes.
There is no doubt that Pix has enormous potential for businesses and consumers wishing to access the Brazilian market. Therefore, the adoption of this system for cross-border transactions is the logical next step in the development of your business.
With this in mind, having Bazk as your payment gateway in Brazil can help you to open these new ways. Especially by ensuring a fast, transparent and secure experience for your customers and your business. You will also have a strategic partner for regulatory compliance and scaling of your results in Brazil.
With its own development and in-house team, Bazk offers a hassle-free implementation. So why not get in touch with us now and find out everything we can do for you?
