After the emergence of MB WAY and Digital Wallets that allow consumers to pay via their smartphone, it's now time for a major novelty from the other side of the Atlantic to land in Portuguese wallets and revolutionise the way people pay in physical and online shops: the PIX.
What is PIX and how does it work?
Used by more than 75% of the Brazilian population, PIX is a simple, intuitive and extremely fast way to make instant transfers using only a telephone number.
After its success in Brazil, UNICRE teamed up with Braza Bank (Brazil's largest foreign exchange bank) to launch PIX in Portugal and thus allow the 600,000 or so Brazilian immigrants living in our country and the more than one million tourists from our sister country who visit us every year to enjoy a means of payment that is familiar to them.
However, in order for a retailer to start accepting fast payments with PIX, it is essential that it has one of the online payment solutions or physical (TPA) from REDUNIQ.
For example, if you accept payments in your business via a REDUNIQ Smart TPA or sells online without a website and receives payments through the REDUNIQ@Paymentswill now allow its customers to use PIX to pay for their purchases, as this system automatically exchanges the real for the euro.
All this with no membership or monthly fees.
How does PIX work in Portugal?
In terms of operation, the PIX instant payment system has a very similar operating method to MB WAY, i.e. once the customer has registered, chosen an access key via their bank's digital channels (app, netbanco, etc.) and installed the PIX app on their smartphone, they are immediately able to make payments or bank transfers in real time.
When paying for a purchase, all the retailer has to do is fill in the amount in question in the REDUNIQ Checkout App on their POS.
At this point, the POS will display the amount of the purchase in euros and reais, at which point the customer must scan the PIX QR Code on their Homebanking / App, confirm the details and approve the transaction.
Once the payment transaction has been completed, the retailer can send proof of payment by e-mail to the customer.
What is MB WAY and how does it work?
Born in 2015, the MB WAY is a mobile application that allows consumers, among other things, to make payments for online and physical purchases, transfer money, generate MB Net virtual cards and even split their accounts via their smartphone in the app itself or through their bank's digital channels.
It's very simple to use, as all you have to do is download the MB WAY app and start paying by using your smartphone camera to scan the QR Code displayed on the POS, or simply hold your mobile phone against the payment terminal if you want to use a mobile phone. NFC transaction.
For online purchases, the consumer must select the MB WAY option from the payment methods presented at checkout and enter their mobile phone number. To complete the operation, simply accept the request in the application.
In the case of bank transfers, the process is even simpler, as the consumer only has to select the contact, enter the amount to be transferred and validate the operation in the app.
There is also the possibility of withdrawing money using MB WAY. To do this, the consumer must open the app, choose the amount to be withdrawn and enter the withdrawal code generated by the app at the ATM.
Once we've seen how these two payment methods work, it's time to understand the main advantages and disadvantages of PIX and MB WAY.
Main similarities between PIX and MB WAY
As we've mentioned, PIX and MB WAY have several similarities. These include:
- Possibility of making payments and transfers instantly;
- Both are mobile apps that consumers can take everywhere on their smartphones;
- Can be used for online and physical purchases;
- Exemption from user charges;
- These are secure methods, as they use the advanced data protection and authentication protocols defined by the Bank of Portugal and European organisations.
PIX vs MB WAY: security and speed
As we mentioned, both PIX and MB WAY are under the yoke of the Bank of Portugal, which means that they are obliged to comply with all the security protocols currently in force relating to the protection of consumers' personal and financial data and their authentication, namely the European directive EMV 3D - Secure.
Furthermore, since both systems are among the payment methods accepted in REDUNIQ's physical and online payment solutions, the only Portuguese acquirer with PCI-DSS certificationThis is an international security standard that guarantees that a payment company follows security standards and good security practices, so that consumer and retailer data is always protected.
The future of digital payments: can PIX and MB WAY coexist?
The answer is yes, as we can easily see from the inclusion of the PIX in the REDUNIQ payment solutions online and physical.
For example, in the case of REDUNIQ Smart TPAPIX will coexist with card payments, digital wallets and MB WAY, just like in the TPA REDUNIQ Easy or online payment methods REDUNIQ@E-Commerce e REDUNIQ@Payments.
So, in a simple and intuitive way, MB WAY or PIX for fast payments is not only a reality in the Portuguese payment ecosystem, but also a glimpse of the future. more digital payments, furniture and cashless.
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