The updated collaboration will let businesses who use Stripe offer Pix, the instant payment method offered by the Central Bank of Brazil, the companies announced in a Monday (Aug. 11) news release. These businesses can now process Pix payments from Brazilian customers in Brazilian reais, with settlements available in the merchant’s domestic currency.
“Our partnership with EBANX is important for increasing Stripe users’ reach in Brazil, Latin America’s largest market,” Krishnan Rajagopalan, global head for expansion, strategics and incubation partnerships at Stripe, said in the release.
“For global commerce today, enabling how customers pay is often just as important as what’s being sold. Customers prefer payment methods they know and trust, which directly impacts the bottom line. Our research found businesses on Stripe that offered at least one additional relevant payment method beyond cards grew revenue by 12% and improved conversion by 7% on average.”
EBANX added that its own analysis of data from the World Bank and Brazil’s central bank shows the importance of offering local payment methods for cross-border transactions, with merchants that offer Pix seeing a 16% increase in revenue and a 25% growth in consumers within six months.
Research by PTMNTS Intelligence backs this up, as 99% of cross-border shoppers say they expect to pay with their preferred, customary methods.
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This finding, PYMNTS wrote earlier this year, emphasizes that “‘all payment is local’ and choice is a decisive factor for consumers.”
Launched in 2020, Pix allows users to send and receive money within seconds, and is used by around three-quarters of Brazil’s estimated 212 million people.
And as PYMNTS has written, it’s been one of the drivers for the wider embrace of digital payments in Latin America.
“This shift is fundamentally reshaping commerce and financial access, with consumers and businesses increasingly favoring mobile wallets, real-time transfers and other digital tools,” PYMNTS wrote in June. “Mobile devices are fast becoming the preferred means for payments, revolutionizing purchasing behaviors and actively promoting financial inclusion.”
Research by PYMNTS Intelligence has found that Pix processed 64 billion transactions last year, a 53% year-over-year increase. That’s 80% higher than the combined total of transactions involving debit and credit cards. By the end of 2024, the service was processing upwards of 6 billion transactions on a monthly basis.
