Accept online Pix Payments: A guide for online merchants selling in Brazil

Date Published: 23 Feb 2022
Last Updated: 14 Sep 2022
Pix Payments Brazil: Monneo Digital Banking

Pix payments for online merchants

In 2020, the Central Bank of Brazil (known as the Banco Central do Brasil, or “BCB”) and the Brazilian government introduced a new electronic payment system designed to improve transactions and transfers across the country. 

Since its launch, the system has amassed over 110 million users (62% of the country’s population). Within the first week of operation alone, 9.3 billion Brazilian real was transferred across 12.2 million transactions.

It is strikingly obvious that this new payment system has since its launch gained extremely warm-welcomed popularity, gained trust and also has covered the most important point such a payment processing system should – gained a major market share in the business of online and digital payments.

There are also constant innovations being developed and added to the PIX payment system, which makes is an ever-growing and highly competitive payment solution in the LatAm region.

*Data and market intelligence by S&PGlobal

What is Pix?

The Pix system operates solely via a mobile app. Within the app, a user owns a virtual wallet to store and transfer their money. Transactions can be made to a variety of people and entities who are also signed up to the Pix network. These transactions are almost instantaneous (occurring within seconds) and can be done 24/7. Overall, Pix makes for a very efficient and smooth system. 

The Brazillian government even introduced a requirement for financial institutions with more than a half-million active accounts to offer Pix registration for their customers. For smaller institutions, they have the option to do so but it is not obligatory. 

How does Pix work?

The Pix system facilitates instant payments to the recipient using one of three methods:

1.    Pix generated QR code:

2.             Address Keys:

3.             Other information exchange technologies:

Using Pix Keys

As mentioned above, although not obligatory, it is still highly recommended for Pix users to set up their unique Pix address key. This could be your email address, cell phone number, CPF/CNPJ (individual taxpayer ID in Brazil), or a randomly chosen key. Each person can register up to 5 keys at different institutions.

The BCB states that: “…registering the key is highly recommended to receive a Pix. Although you might be able to receive transactions just by informing your account data, this option is not as practical as using the key and might cause a delay in initiating the transaction, reducing the payer’s advantage in making a Pix.”

How customers use Pix 

Pix’s vast utility means that transactions can be made with a variety of people or corporations, including: 

Personal transfers:

Personal consumer purchases in-person and online:

Corporations paying their employees or freelancers:

Business purchases:

Government service payments:

One of the major advantages that Brazilians love about Pix is that you can use it to transfer money on non-business days when banks are typically shut. This is especially relevant for high-risk merchants who sell their goods and services online, 24/7. Using Pix, Brazillians will be able to purchase their products at any time and won’t be restricted by weekends or bank holidays.

How safe is Pix?

Pix is very safe to use. Every user is required to authenticate each transaction they make before payment is processed. Details about every aspect of this extremely important aspect of any payment system can also be tracked down in local media covering LatAm markets.

On The BCB states that all transactions take place through digitally signed messages that are encrypted and sent through a private network separate from the Internet. 

Pix provides instant online payments

The instant payments provided by Pix provide a range of benefits to both the payer and the payee of a transaction:

For the “Payer”:

For the “Payees”:

What are the benefits of using Pix? 

1.    Complete safety:

2.    24/7 availability:

3.   Instant transfers:

4.   Very low transfer fees. 

5.    No bank account needed:

6.    Fast and simple:

Pix International

At the time of writing, the BCB hasn’t announced its plans for further expansion of the Pix system worldwide. There are many factors that must be considered before the system’s international rollout, including charges for users and how the exchange rate will be set.

However, once the Pix system has been rolled out internationally, merchants will be able to enjoy the benefits of Pix mentioned above, such as instantaneous and cheap transactions, globally. Therefore, merchants are advised to get ahead of the game by signing up with a payment service provider, such as Monneo, who will be one of the first to offer the international Pix system. 

Pix Payments Brazil: Monneo Digital Banking

Accept online Pix payments with Monneo

Monneo facilitates Pix payments for online merchants selling services or goods in Brazil for the sending and receiving of money. 

Brazilian customers of international merchants can use their Pix online payments and wallets to purchase goods and services more quickly and cheaply than through traditional payment methods. 

What’s more, Monneo online merchants can send money through Pix quickly and securely. This could be used to pay people, such as employees, freelancers and affiliates, or separate goods and services. 

In addition to personally managed websites, Monneo also supports e-commerce platform hosting such as Shopify. Monneo offers integration of a payment processor that has a module, extension, or plug-in dedicated to a financial institution connected to the Pix system.

Benefits to online merchants:

Online merchants who use Monneo as their payment service provider can bypass having to open and manage their own Brazilian financial account that grants them access to the Pix system.

Ultimately, this will save merchants: time to set up an account, money to maintain it and the stress of managing an account in a different country.

Start accepting Pix payments on your website

Used by 62% of Brazil’s population, with this figure only trajected to increase, using Pix for online merchants operating in Brazil is perhaps a necessity for sale success in the country. 

In addition to its support of Pix, Monneo’s expanded service helps online merchants to execute payments in ways that Brazilians are most accustomed to. They give merchants greater access to markets in Latin America for accepting payments on their websites, as well as for paying out content creators, affiliates and contractors. 

Having covered all the points in this article we at Monneo welcome you to contact our team of specialists who will be available to you and will answers any kind of specific questions or queries you might have appeared to while reading the details presented on the Pix Online Payment solutions above.

Whether you are a local based business owner or a director of a company, you are already doing business with LatAm markets and in particular with Brazil, or if you are looking to expand your commercial activities to those specific geographical regions and you would need a trussed, secure and well-established digital payment services solution processor Monneo stands by your side and will grasp the very in-depth detaisl of your business operation to meet specific requirements and become your partner in this endeavour.

File in your application for a Virtual IBAN or Merchant Account now, or contact us today to learn more about our services or to have your questions answered.

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