Praxis Tech has unveiled the industry’s first PIX Cascading feature available as an easy-to-integrate solution for merchants of all sizes. The feature, which is now being made widely available to businesses connected to Praxis’ Platform, substantially increases transaction success rates when accepting payments in Brazil.
PIX, the instant payment system introduced by the Central Bank of Brazil, now accounts for the vast majority of Praxis’ merchants payments in the country. The feature improves transaction approval rates by providing a single endpoint to request a PIX QR code from multiple payment providers. If one request fails, it automatically tries the next provider until a successful QR code is generated for payment.
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Guy Karsenti, Chief Technology Officer at Praxis Tech, said: “Our PIX Cascading feature marks a significant advancement in payment technology for the Brazilian market. By harnessing our extensive PSP network and implementing sophisticated routing rules, we’ve achieved a dramatic increase in PIX transaction approvals, maximising revenue for our merchants while also delivering enhanced customer deposit experiences.”
PIX Cascading is the latest addition to Praxis’ comprehensive Decline Recovery suite
This suite includes a range of industry-leading features designed to enhance merchant approval and conversion rates.
These include tools to expand global currency support in checkout and deposit pages, 3DS Cascading that maintains customer verification when re-routing a card payment across multiple PSPs, retry mechanisms for insufficient fund declines and open banking alternatives, and the recently launched Retry with APM feature, which prompts customers to use an alternative payment method if their initial attempt is declined.
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