Latest news with #PixAutomatico
The Star
3 days ago
- Business
- The Star
Brazil's Pix set for next leap with launch of recurring payments
A person pays using their cell phone with the instant electronic payment mode known as PIX, at a store in Rio de Janeiro, Brazil April 1, 2024. REUTERS/Pilar Olivares/File Photo (Reuters) - Brazil's wildly popular instant payment system Pix is poised for another leap with the launch of a new recurring payments feature this month, central bank officials said on Wednesday. Since its launch in late 2020, Pix has rapidly become the leading payment method in Latin America's largest economy, surpassing cash as well as debit and credit cards. Last year it handled more than 26 trillion reais ($4.61 trillion) in transactions. Initially slated for launch last October, the new feature will go live on June 16, allowing users to authorize recurring charges with a single consent, according to the central bank, which developed and operates Pix. That will allow for automatic payments of utilities, phone bills, school tuition, gym memberships, and digital or streaming services via the new "Pix Automatico" tool. "'Boleto' will be overtaken by Pix Automatico when it comes to automatic payments," said Renato Gomes, the central bank's financial system organization director. Boleto is the traditional slip method, which moved 6.2 trillion reais last year, according to banking federation Febraban. Speaking at a central bank event in Sao Paulo to present the feature, Gomes added that existing automatic debit services via banks are also likely to be disrupted by the new tool. Companies must sign bank agreements to offer automatic debit, a process central bank regulation director Gilneu Vivan described as burdensome for small businesses. Pix Automatico will simplify the process, allowing small merchants to receive recurring payments with ease. Vivan also noted that nearly 60 million Brazilians do not own a credit card, a group that will now be able to access subscription-based services previously limited to cardholders. A study by payments platform EBANX estimates that Pix Automatico could handle at least $30 billion in e-commerce transactions within its first two years of operation. ($1 = 5.6418 reais) (Reporting by Marcela Ayres; Editing by Richard Chang)
Yahoo
3 days ago
- Business
- Yahoo
Brazil's Pix set for next leap with launch of recurring payments
(Reuters) - Brazil's wildly popular instant payment system Pix is poised for another leap with the launch of a new recurring payments feature this month, central bank officials said on Wednesday. Since its launch in late 2020, Pix has rapidly become the leading payment method in Latin America's largest economy, surpassing cash as well as debit and credit cards. Last year it handled more than 26 trillion reais ($4.61 trillion) in transactions. Initially slated for launch last October, the new feature will go live on June 16, allowing users to authorize recurring charges with a single consent, according to the central bank, which developed and operates Pix. That will allow for automatic payments of utilities, phone bills, school tuition, gym memberships, and digital or streaming services via the new "Pix Automatico" tool. "'Boleto' will be overtaken by Pix Automatico when it comes to automatic payments," said Renato Gomes, the central bank's financial system organization director. Boleto is the traditional slip method, which moved 6.2 trillion reais last year, according to banking federation Febraban. Speaking at a central bank event in Sao Paulo to present the feature, Gomes added that existing automatic debit services via banks are also likely to be disrupted by the new tool. Companies must sign bank agreements to offer automatic debit, a process central bank regulation director Gilneu Vivan described as burdensome for small businesses. Pix Automatico will simplify the process, allowing small merchants to receive recurring payments with ease. Vivan also noted that nearly 60 million Brazilians do not own a credit card, a group that will now be able to access subscription-based services previously limited to cardholders. A study by payments platform EBANX estimates that Pix Automatico could handle at least $30 billion in e-commerce transactions within its first two years of operation. ($1 = 5.6418 reais)
Yahoo
3 days ago
- Business
- Yahoo
Brazil's Pix set for next leap with launch of recurring payments
(Reuters) - Brazil's wildly popular instant payment system Pix is poised for another leap with the launch of a new recurring payments feature this month, central bank officials said on Wednesday. Since its launch in late 2020, Pix has rapidly become the leading payment method in Latin America's largest economy, surpassing cash as well as debit and credit cards. Last year it handled more than 26 trillion reais ($4.61 trillion) in transactions. Initially slated for launch last October, the new feature will go live on June 16, allowing users to authorize recurring charges with a single consent, according to the central bank, which developed and operates Pix. That will allow for automatic payments of utilities, phone bills, school tuition, gym memberships, and digital or streaming services via the new "Pix Automatico" tool. "'Boleto' will be overtaken by Pix Automatico when it comes to automatic payments," said Renato Gomes, the central bank's financial system organization director. Boleto is the traditional slip method, which moved 6.2 trillion reais last year, according to banking federation Febraban. Speaking at a central bank event in Sao Paulo to present the feature, Gomes added that existing automatic debit services via banks are also likely to be disrupted by the new tool. Companies must sign bank agreements to offer automatic debit, a process central bank regulation director Gilneu Vivan described as burdensome for small businesses. Pix Automatico will simplify the process, allowing small merchants to receive recurring payments with ease. Vivan also noted that nearly 60 million Brazilians do not own a credit card, a group that will now be able to access subscription-based services previously limited to cardholders. A study by payments platform EBANX estimates that Pix Automatico could handle at least $30 billion in e-commerce transactions within its first two years of operation. ($1 = 5.6418 reais) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
28-01-2025
- Business
- Yahoo
New feature of Brazil's Pix system to draw $30 billion in e-commerce payments
By Andre Romani SAO PAULO (Reuters) - Brazil's payment system Pix is seen handling $30 billion in two years in e-commerce spending with a new feature for recurring bills that should benefit streaming firms, a study from financial technology firm Ebanx showed on Tuesday. Launched in late 2020, Pix, an online instant payment system designed by Brazil's central bank, has become Brazilians' favorite way to pay, surpassing credit and debit cards and nearly killing the use of cash. It currently handles over 2 trillion reais ($338 billion) in transactions per month. In June, the central bank is expected to launch "Pix Automatico," a feature to automate payment of recurring bills such as utilities and streaming services. "Pix Automatico should be really relevant," said Ebanx vice president of product Eduardo de Abreu, arguing key online segments such as software as a service and streaming services heavily rely on recurring revenues. Although Abreu sees credit cards as the main rival of Pix Automatico in the e-commerce segment, he projected most of the growth of the new feature in its first two years of operation should come from new customers who are currently shut out from the market by either not having a card or not having enough credit. Pix Automatico's total payments processed could be much higher than Ebanx's estimate, as the latest estimate focuses just on the e-commerce sector. Currently, recurring bills in Brazil are paid using bank invoices and automatic debiting, which require firms to partner with a variety of banks to handle their clients' charges. Pix Automatico, on the other hand, will require vendors to partner with just one financial company. Still, Moody's Ratings senior analyst Alexandre Albuquerque said lenders will likely not be threatened by Pix Automatico, as their revenues are diversified and they have client benefits such as cashback on credit-card payments. ($1 = 5.9109 reais) Sign in to access your portfolio
Reuters
28-01-2025
- Business
- Reuters
New feature of Brazil's Pix system to draw $30 billion in e-commerce payments
SAO PAULO, Jan 28 (Reuters) - Brazil's payment system Pix is seen handling $30 billion in two years in e-commerce spending with a new feature for recurring bills that should benefit streaming firms, a study from financial technology firm Ebanx showed on Tuesday. Launched in late 2020, Pix, an online instant payment system designed by Brazil's central bank, has become Brazilians' favorite way to pay, surpassing credit and debit cards and nearly killing the use of cash. It currently handles over 2 trillion reais ($338 billion) in transactions per month. In June, the central bank is expected to launch "Pix Automatico," a feature to automate payment of recurring bills such as utilities and streaming services. "Pix Automatico should be really relevant," said Ebanx vice president of product Eduardo de Abreu, arguing key online segments such as software as a service and streaming services heavily rely on recurring revenues. Although Abreu sees credit cards as the main rival of Pix Automatico in the e-commerce segment, he projected most of the growth of the new feature in its first two years of operation should come from new customers who are currently shut out from the market by either not having a card or not having enough credit. Pix Automatico's total payments processed could be much higher than Ebanx's estimate, as the latest estimate focuses just on the e-commerce sector. Currently, recurring bills in Brazil are paid using bank invoices and automatic debiting, which require firms to partner with a variety of banks to handle their clients' charges. Pix Automatico, on the other hand, will require vendors to partner with just one financial company. Still, Moody's Ratings senior analyst Alexandre Albuquerque said lenders will likely not be threatened by Pix Automatico, as their revenues are diversified and they have client benefits such as cashback on credit-card payments. ($1 = 5.9109 reais)
