What is Pix: the most used payment method in Brazil

Pix is a payment method developed by the Brazilian National Bank launched in 2020 with the aim of allowing more agility in eCommerce. It is considered to be the most disruptive payment method in Latinamerica and in Brazil, it will account for 29% of retail eCommerce sales by 2023.

What is Pix Brazil

This payment method allows transactions to occur less than 10 seconds, 24 hours a day, and 7 days a week. It is a payment system that allows users to transfer money instantly in Brazilian reais (BRL) between participating institutions, which include hundreds of Brazilian banks and financial technology companies.

You can send Pix money transfer to an individual, a company or even the government. When you choose Pix as the payment method at the checkout, you have two different options:

• Scan a QR Code using your smartphone
• Copy and paste a Pix code into your banking or digital wallet apps

Then you check the receiver’s information and confirm the action.

How Pix payment works

You do not neet to have a bank account to use Pix. You can make payments using any service from any institution participating of Pix, such as a digital wallet.

• Online payment methods in Brazil: which are the preferred ways to pay in eCommerce

To pay a friend, you only need to know their Pix alias, also called Chave Pix, which can be their phone number or email address. In case you want to pay a merchant, you only need to scan their QR code with your phone.

Recently, they have launched Pix International, a pioneering instant payment solution with real-time currency conversion. This mobile point-of-sales (POS) innovation, developed with PagBrasil‘s expertise in international payments, brings Pix’s eCommerce technology to physical businesses located outside Brazil.

PagBrasil is a collection agent for payments made through Pix that performs the foreign exchange of the International Pix as an eFX (Electronic Foreign Exchange), through exchange banks authorized by the Central Bank.

At the moment, is a global solution with a phased development plan. The launch stage focuses on locations with a significant flow of Brazilian tourists, such as Uruguay, Argentina, Chile and Florida (USA). So if you are thinking of starting or growing a business in some of these destinations, maybe you should take Pix into account.

Advantages of implementing Pix in your business

• It works in any smartphone or tablet, no apps needed (your employees can operate it directly from the browser)
• The value of the order is shown in US dollars or Euros and is fixed at the time of payment, with no exchange rate risk.
• Reduced transaction costs: only a small flat fee per transaction is deducted, with no percentage charges.
• Achieve the fidelization of your brazilian costumers since Pix is the most famous payment method in the country.