Inswitch, a global leader in embedded finance technology, in collaboration with Banco Rendimento, one of the most dynamic banks in Brazil, have come together to launch a major offering of payment methods, allowing Brazilians traveling abroad to use the PIX system for purchases and payments as if they were in Brazil, throughout Latin America.
PIX has become the preferred payment method in Brazil, with nearly 150 million registered users and over 2 billion transactions processed in its first 9 months since its launch in November 2020. In March 2023, the system recorded over 3 billion monthly transactions, and the amount moved also reached a record high, with over R$1.28 trillion transferred in March, according to the Central Bank.
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The expansion of PIX in Latin America will enable more individuals and businesses to conduct fast, secure, and efficient online financial transactions. Additionally, it will offer a solution to the three main current difficulties in cross-border payments:
- Instant and effective currency conversion.
- Transaction security and traceability.
- User-friendliness for Brazilians worldwide.
- It also presents a lower Financial Transactions Tax (IOF) of 0.38% compared to 5.38% for credit card purchases.
Through this major partnership, Brazilians traveling throughout Latin America will be able to continue enjoying the payment experience offered by PIX in an increasing number of countries. We are confident that this payment method will be well received by consumers and businesses in the region, and its usage will rapidly expand, offering cost savings for both merchants and Brazilian buyers across the region.
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At a time when financial inclusion is increasingly important for Latin American economies, we are proud to lead this movement and continue working with our partners to make PIX accessible to all.
“What’s most interesting for customers at the time of purchase is that they have full transparency during the payment process. They can see the amount in dollars and the final amount they will pay in reais before making the payment,” says Roger Ades, Director of Banco Rendimento.
“The growth of e-commerce in the region demands more and better payment options for companies and end consumers. At Inswitch, we are very proud to work alongside Banco Rendimento to democratize access to financial services with a payment method like PIX, which has already demonstrated effectiveness and robustness in handling transactions in a country like Brazil,” said Ronald Alvarenga, CEO of Inswitch.
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