Stripe Broadens Presence in Brazil with Integration of EBANX Pix Payment Services
In a move to expand the global marketplace for Brazilian consumers and businesses, Stripe and EBANX have partnered to simplify the integration of Brazil's popular payment system, Pix. This partnership aims to make it easier for international merchants to offer Pix as a payment option, thereby increasing conversions and revenue in Brazil without the usual complexities of cross-border payment integration.
Pix, launched by Brazil's central bank in 2020, is a instant payment platform that is used by 93% of Brazilian adults. It operates 24/7 and transfers money in seconds, making it a convenient method for locals handling various transactions such as splitting dinner bills and paying government fees. In fact, Stripe's research indicates that adding an extra familiar payment method can increase revenue by 12% and conversions by 7%.
The partnership allows merchants to offer Pix whether they sell directly through Stripe or through connected e-commerce platforms. By providing a streamlined way for global businesses to offer Pix at checkout, Stripe and EBANX aim to expand the reach of the global marketplace for Brazilian consumers and businesses.
Key features of this integration include instant acceptance of Pix payments, currency settlement flexibility, and the expansion of payment reach. Pix payments are processed through Stripe merchants using EBANX, enabling Brazilian customers to pay using a method they trust and prefer. Although payments are received in Brazilian reais, merchants receive settlements in their own domestic currencies, easing cross-border financial management and reducing currency conversion friction.
Moreover, by incorporating Pix, Stripe merchants expand their access to Brazil’s vast market—Latin America’s largest—and tap into local consumer preferences, which EBANX data shows can double potential consumer reach and increase revenue and customer base. EBANX, with over a decade of experience helping international e-commerce adapt to Brazil's payment quirks, acts as a merchant-of-record partner, removing the need for Stripe users to establish local entities or complicated infrastructure in Brazil, thereby streamlining the onboarding and compliance processes for international sellers.
However, it's important to note that currently, only Pix payments are enabled through this partnership, and recurring payments with Pix are not yet supported.
By partnering with a local expert like EBANX, Stripe steps into the Brazilian market with local credibility and an easier path for merchants to integrate Pix. Local heavyweights like PagSeguro, Mercado Pago, and Cielo, as well as global players like Adyen and PayPal, have been offering Pix for years. If Stripe's bet pays off, millions of Brazilian consumers and small businesses could find the global marketplace more accessible.
This partnership is part of a broader trend of global commerce adapting to local habits instead of trying to overwrite them. For global businesses, integrating Pix hasn't always been straightforward. However, with Stripe and EBANX's partnership, the integration of Pix is set to become significantly easier, helping businesses offer a competitive edge in the crowded Brazilian market.
[1] EBANX's data suggests that merchants offering Pix in cross-border sales saw revenue climb 16% and customer growth by 25% within half a year. [2] Stripe's research indicates that adding an extra familiar payment method can increase revenue by 12% and conversions by 7%. [3] The partnership between Stripe and EBANX provides merchants a streamlined way to offer Pix at checkout, regardless of the e-commerce platform used. [4] The partnership allows merchants to offer Pix whether they sell directly through Stripe or through connected e-commerce platforms. [5] EBANX has spent over a decade helping international e-commerce adapt to Brazil's payment quirks. [6] By providing a streamlined way for global businesses to offer Pix at checkout, Stripe and EBANX aim to expand the reach of the global marketplace for Brazilian consumers and businesses. [7] The partnership between Stripe and EBANX aims to simplify the process for global businesses to offer Pix at checkout. [8] EBANX acts as a merchant-of-record partner, removing the need for Stripe users to establish local entities or complicated infrastructure in Brazil. [9] Currently, only Pix payments are enabled through this partnership (no other local Brazilian payment methods integrated yet). [10] Recurring payments with Pix are not yet supported, which may affect subscription-based business models. [11] Pix is expected to surpass credit cards for online purchases in Brazil by year's end. [12] In Brazil, Pix is more than just a bonus feature; it's a lifeline for millions living without a credit card. [13] Stripe is partnering with a local expert (EBANX) to shake up the payment system in Brazil.
Finance and technology are integral components of the partnership between Stripe and EBANX. By integrating Brazil's popular payment system, Pix, Stripe aims to expand its financial services in the Brazilian market, leveraging technology to streamline the process for global businesses to offer Pix at checkout, thereby increasing revenue and customer base. Moreover, EBANX's extensive experience in technology and local payment quirks will help Stripe adapt to the unique demands of Brazil's finance landscape, enabling a smoother onboarding and compliance process for international sellers.
