International payments in rising markets company EBANX has been authorised by the Central Bank of Brazil to offer a payment initiator service via Brazil’s instant payment platform Pix.
EBANX has now obtained its Payment Initiation Service Provider (PISP) license. As a result, the payments giant is able to expand the range of services it offers its customers.
EBANX can also now make the payment initiator service available to over 500 merchants across Brazil. The service enables payments to be initiated and completed completely within merchants’ websites or apps using pix. It removes the need for merchants to obtain their own PISP licence from the Central Bank of Brazil.
The Pix instant payment system was created by the Central Bank of Brazil in 2020, as part of its ‘open banking agenda’. The system is already used by around 75 per cent of Brazilians. Brazil’s central bank introduced it to accelerate digital payments and financial inclusion across the country.
The new feature from EBANX aims to make Pix payments safer for millions of Brazilian consumers by providing an easier payment journey as well as quicker and more affordable payments.
When consumers choose to pay using Pix, the transaction is initiated by the company itself. In this case, the payment is initiated through the EBANX software platform. Because of this, consumers do not need to scan a QR code to access their bank’s app to complete payment. Instead, the customer is automatically directed to the authentication screen of the bank app. This ensures that authentication is sped up, easing the payment journey.
Streamlining Brazil’s payment process
Erika Daguani, vice president of product at EBANX, explained the significance of the move. Daguani said: “As a payment initiator, EBANX can now streamline the payment process, reduce friction and increase transaction security. The user no longer needs to leave the store’s website or app, log into a bank’s app or worry about copying and pasting the QR code and checking that everything is correct. Payment with Pix in digital commerce is much more smooth this way.
“Pix as a payment initiator is another example of the central bank’s focus on improving the user experience and usability of Pix. It represents great progress for Brazil’s alternative payments industry. We are very happy to promote access to real-time payments in an easy and secure way to millions of consumers.”
EBANX’s Beyond Borders 2022/2023 study found that the Pix payment platform accounted for over 16 per cent of total e-commerce sales volume in Brazil.