FastSpring and EBANX have teamed to expand the usage of the Pix payment in Brazil.
FastSpring, based in Brazil, powers payments for global Software-as-a-Service and software companies. EBANX is a tech company focusing on payments for rising markets.
“This partnership with EBANX allows FastSpring to leverage local payments, starting with the largest Latin American market, by delivering one of the country’s preferred payment methods,” Dan Garcia, FastSpring’s senior director of payments, risk and compliance, said in a Thursday (April 25) news release.
“The FastSpring platform enables sellers of digital goods to accept the most popular global payment methods,” Garcia added. “Adding Pix opens up the Brazilian market to new buyers who do not have internationally enabled cards. It’s a must-have payment method in Brazil. Our partnership with EBANX enables this code-free upgrade for our customers.”
Pix is Brazil’s fast-growing instant payment system, which EBANX said should account for 40% of the total value of the country’s digital commerce by 2026, the same share as credit cards.
Under this partnership, FastSpring’s platform will integrate EBANX’s Pix payment processing capabilities, allowing global SaaS, software, video game and digital product companies to offer Pix payments to customers in Brazil.
“This partnership also allows Brazilian digital products companies to utilize FastSpring’s platform to power their global expansion while seamlessly maintaining Pix payments for their consumers at home,” the release said.
PYMNTS wrote last week about how usage of Pix could be fueled by the rise of Click-and-Mortar shoppers, consumers who are just as comfortable buying things online as they are from physical stores.
According to data from Brazil’s central bank, the number of Pix monthly transactions has surpassed 4 billion, at 4.3 billion as March ended, and up from the 2.5 billion recorded in March of last year.
The central bank also found that person-to-business transactions in March of this year were 192.5 million, compared to 121 million a year ago. Initiation “types” also have seen a shift, as, for example, dynamic QR codes were 1.4 million in March, up from under half a million last March.
PYMNTS Intelligence data from the “2024 Global Digital Shopping Index: Brazil Edition” showed that 48% of shoppers browse and buy across channels, while 38% of individuals are digitally-assisted in-store shoppers.
“If a majority of shoppers want to transact digitally, and Pix has been used by roughly 80% of the population, it follows that a broad range of individuals across all manner of income levels and demographics would continue to move the needle on instant payments across a variety of use cases,” PYMNTS wrote. “Users do not need bank accounts to pay with Pix — and can, for example, opt for digital wallets.”
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