Payment service provider Stripe now supports Pix transfers in Brazil.
Stripe, the renowned global payments platform, has announced the integration of Pix, Brazil's instant bank-to-bank payment system, into its service. This move aims to empower Brazilian consumers and businesses to participate more fully in the global economy.
Launched by the Central Bank of Brazil in 2020, Pix is a popular instant payment method that is used by 93% of Brazilian adults. According to data from Payments and Commerce Market Intelligence (PCMI), the World Bank, and the Central Bank of Brazil, offering local payment methods in cross-border transactions can help global e-commerce companies reach twice as many consumers in Brazil.
The integration of Pix into Stripe's platform allows worldwide merchants to accept payments in Brazilian reais with settlements in their local currency, facilitating seamless cross-border e-commerce specifically targeting Latin America’s largest market. Pix is now expected to surpass credit cards for online purchases by the end of the year, processing over R$26 trillion ($4.8 trillion) in 2024.
The expansion of Pix through Stripe's integration significantly impacts global commerce. Merchants offering Pix have observed an average 16% revenue increase and 25% growth in customer base within just six months of integration. Businesses adding relevant local payment methods like Pix to their checkout options see on average a 12% revenue boost and a 7% improvement in conversion rates.
For merchants, this integration offers access to Brazil’s vast e-commerce market with a payment method preferred by the majority of local consumers. It simplifies financial management by enabling settlements in their home currency, reducing currency exchange complexities. Enhanced conversion rates and revenue growth are achieved by offering payment options aligned with consumer preferences, building trust and reducing cart abandonment.
For consumers, Pix offers a familiar and secure payment method when purchasing from global merchants. Consumers can pay instantly at checkout using Pix through QR code scanning or Pix code pasting, with fast transaction settlement typically within two days.
In summary, Stripe’s integration of Pix into its global payments platform via its partnership with EBANX marks a strategic expansion in global commerce, fostering stronger cross-border trade with Brazil by aligning merchant payment offerings with dominant local consumer preferences, accelerating growth, and improving user experience for both merchants and consumers.
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