OpenPayd has announced its clients can now send and receive payments via Pix, the Brazilian real-time payment network.
The digital economy’s global nature necessitates robust international infrastructure for businesses with strong growth ambitions. As such, OpenPayd provides its clients with a global suite of embedded finance infrastructure through a single API. Customers can embed payments, accounts in multiple currencies and foreign exchange services into their own platforms, moving banking and payments from a cost centre to a revenue generator.
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2 out of 3 Brazilians use Pix
Pix was developed to combat the challenges created by traditional fund transfer methods offered by Brazil’s banking sector which incurred high transfer fees, were limited by settlement time and restricted to working day operational hours. Pix local payments in contrast are available 24/7 and are a cheap and reliable option for businesses and consumers alike.
Since launching in 2020, OpenPayd says that around two-thirds of the Brazilian population has used Pix to make and receive payments. It’s now one of the most used real-time electronic transfer systems in the world, second only to India’s United Payments Interface.
Mert Aslaner, Head of Product at OpenPayd, said: “Brazil is positioning itself as a global leader for the digital finance transformation, and we’re ensuring our clients can be a part of it. In May 2024, there were over 5 billion Pix transactions processed, demonstrating the scale of, and demand for, real-time payments in the LATAM market. Enabling access to the world’s largest payment rails ensures that our customers’ payments can be as wide-reaching and agile as they are.”
OpenPayd will continue to expand its access to local and international payment rails to support its mission of powering the growth of the digital economy. OpenPayd clients can send and receive payments across 190+ countries and territories through a single API or via the online platform.
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