Four years after it was launched by the Central Bank of Brazil, the PIX has become the most widely used payment method in the sister country.
According to statistics released by the Brazilian financial market regulator, this instant payment system is used by 76.5% of the population (around 160 million consumers), even surpassing cash and debit card payments.
If there is proof that we are moving towards a an increasingly cashless societyPIX in Brazil is one of the best examples.
As well as being one of the digital payments is now also available in Portugal thanks to a partnership between UNICRE and Braza Bank.
This new feature allows you to make PIX payments through REDUNIQ-branded payment solutions, both in the TPA (Automated Payment Terminals) and e-commerce.
Below we explain what this method consists of and how it can make life easier for those who live, work or just visit Portugal.
What is PIX?
O PIX is an instant payment system created by the Central Bank of Brazil that allows you to make transfers and payments in just 10 seconds, 24 hours a day, 7 days a week. Just like MB WAYSimply use the recipient's mobile phone number, and you don't need to enter any account details.
As well as speeding up transactions, PIX also enables real-time payments in physical and online shops, restaurants or establishments with payment terminalsincluding the modality Contactlessas well as the immediate settlement of water, electricity and tax bills.
How does PIX work?
In order for a consumer or retailer to use the PIXIf you are a member of a bank, a payment platform or a fintech, both of you must have an account (current, savings or payment) with a member financial institution.
Registration takes place via the apps or homebanking of these institutions, where the user defines their "PIX key" (for example, their mobile phone number or email address) and authorises registration with the Central Bank.
Financial institutions thus act as intermediaries between the Central Bank and the consumer within the PIX system, guaranteeing agile, secure transactions available at any time of the day.
PIX in the Payment Terminal: how does it work for your business and the customer?
- Purchase data: Fill in the transaction value (€) in the REDUNIQ APP;
- Presentation of the simulated operation at the checkout to the customer: The details of the operation are shown in Euro and Real, with a breakdown of the fees charged;
- Provision of the PIX payment QR Code: The customer opens their homebanking APP on their mobile phone, scans the QR Code, is shown the details of the transaction and confirms its acceptance;
- Transaction Completed: And that's it! Proof of the transaction is sent to the customer by e-mail.
What changes with the introduction of PIX in Portugal through UNICRE?
The intense immigration from Brazil in the last decade, combined with the more than one million Brazilians who visit our country every year, has led to UNICRE to establish a partnership with Braza Bank, the largest foreign exchange bank in Brazil. The aim is to spread the use of PIX in PortugalThis makes transactions easier for both Brazilian residents and tourists.
Thus, through the REDUNIQ brand, UNICRE will introduce PIX directly into its online payment solutions and the REDUNIQ Smart TPA or other terminals that support this functionality.
Whoever uses, for example, the REDUNIQ@Payments for online sales, you can now offer your Brazilian customers a familiar, convenient payment method that costs less than a card transaction. The conversion between the real and the euro takes place automatically during payment, simplifying the process even further.
In terms of security, the PIX presents an acceptance experience very similar to that of other payment methods, bringing competitive advantages to national businesses: greater profitability, customer satisfaction and a sign-up process with no additional costs or monthly fees.
All this, of course, with the convenience and speed that the modern consumer demands - whether in a physical or online environment, or by using the Contactless or other digital modalities.
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