Stripe’s network of businesses will now enable their customers in Brazil to utilize Pix payments for Brazilian Reals transactions with domestic currency settlements available.
Network Capabilities
This integration, facilitated by the Latin American payments firm EBANX, is accessible not only to businesses directly integrated with Stripe but also those using e-commerce platforms built on Stripe’s infrastructure.
Cross-Border Payments Use Case
A significant use case for the launch is enhancing international transactions in Brazil through local payment methods. Data from EBANX highlights that merchants supporting Pix saw a 16% increase in revenue and a 25% growth in their customer base over six months.
Pix Popularity and Features
Pix has swiftly become the predominant payment method in Brazil since its introduction in 2020. The real-time payments system processed more than six billion transactions per month last year, with 93% of Brazilian adults using Pix.
The rapid adoption is due to the platform’s fee-free nature and real-time transactions, which have enabled it to surpass credit cards as Brazil’s leading payment type. Additionally, Pix has expanded its features to include contactless payments, recurring payments, and a buy now, pay later service, further solidifying its position.
Stripe Strategy and Integration
Expanding into the Latin American market, particularly Brazil’s large market, is one of Stripe’s objectives. This integration represents a shift toward incorporating more real-time payments after focusing heavily on crypto-related ventures in recent months. Examples include the acquisition of stablecoin company Bridge and crypto wallet Privy.
Stripe has previously operated its own pay-by-bank platform, launched initially in the UK before expanding to France and Germany. The Pix integration isn’t Stripe’s first foray into instant payments but follows this strategy effectively.
Increasing Payment Methods
Merchants offering multiple payment options, including Pix, have seen average revenue growth of 12%. This underscores the importance of integrating diverse payment methods to meet customer preferences and drive business success.
