Stripe Introduces Pix Payments Through Integration with EBANX
In a move to tap into growing markets, Stripe has expanded its pay-by-bank platform into France and Germany, with a significant focus on Brazil. The company's latest move comes as Pix, a digital payment platform launched in 2020, has become the predominant payment method in Brazil.
The integration of Pix via Stripe, facilitated by Latin American payments firm EBANX, allows businesses to accept instant payments in Brazilian Reais, with settlements in the merchant’s domestic currency. This move aims to reduce currency conversion friction and enable seamless cross-border transactions.
Benefits for Businesses
The adoption of Pix via Stripe offers several key benefits for businesses, particularly those looking to tap into the Brazilian market.
- Increased Revenue and Customer Base: Merchants offering Pix have seen a 16% rise in revenue and a 25% increase in customers within six months.
- Improved Conversion Rates: Adding Pix, a preferred and trusted payment method in Brazil, alongside card payments, leads to an average 7% improvement in conversion and 12% revenue growth for Stripe users.
- Enhanced Payment Localization: Accepting Pix allows businesses to support a widely used local payment method, crucial for capturing Brazil’s expanding e-commerce market.
- Facilitation of Cross-border Payments: Stripe users can now settle payments received via Pix in their own currency, simplifying international commerce and broadening customer reach.
Impact on the Brazilian Market
The widespread adoption of Pix has been transformative for the Brazilian market. It has enabled secure, instant payments that strengthen B2B transactions and consumer purchasing. Its popularity boosts economic activity by facilitating fast value transfers and is becoming integral to Brazil’s payment ecosystem and e-commerce growth.
Stripe's Crypto Focus
In recent months, Stripe has been heavily focused on crypto-related ventures. The company has made significant acquisitions of both stablecoin company Bridge and crypto wallet Privy. These acquisitions are expected to further strengthen Stripe's position in the digital payments market.
Future Prospects
With 93% of Brazilian adults saying they use Pix, the integration of Pix payments on Stripe is set to open up new opportunities for businesses, particularly those looking to expand their reach in Latin America, with Brazil being the largest market in the region. The integration is available to both businesses directly integrated with Stripe and those using e-commerce platforms built on Stripe’s infrastructure.
The Pix platform has also launched new features like contactless payments, recurring payments, and a buy now, pay later service, further enhancing its appeal to businesses and consumers alike. With these developments, Stripe's Pix integration isn't just a step towards expanding its network of businesses offering Pix payments in Brazilian Reals, but also a strategic move to capitalise on the growing trend of digital payments and e-commerce in Brazil and beyond.
[1] Source [2] Source [3] Source [4] Source [5] Source
- By adopting Pix via Stripe, businesses can leverage technology to improve their finance operations, as the integration offers benefits such as increased revenue, improved conversion rates, and enhanced payment localization, all of which are crucial in the business and technology landscape.
- The integration of Pix via Stripe will likely have a significant impact on the technology sector, particularly in finance, as it enables seamless cross-border transactions and facilitates the use of digital payments, a trend that is growing in the Brazilian market and beyond.
