PIX, Brazil’s most popular payment method has given a huge boost to e-commerce and online payments since its creation in 2020 and is an absolute gold rush for the adult industry.
PIX is a real-time payment system that allows users to quickly and securely make payments using their bank accounts or e-wallets. Since its creation PIX has been widely accepted by Brazilians with over 550 million accounts making over 36 billion instant transactions worth well over USD 3 trillion.
PIX was designed and is controlled by the Brazilian Central Bank to make instant payments available to all. It is a robust system where vetted financial institutions can join and offer PIX for free to their clients. This is key when it comes to accessibility, where the client can easily make and receive payments through PIX right on their bank or e-wallet application.
Brazilian PIX Keys are a type of secure authentication code used by the Brazilian Central Bank to provide an extra layer of security for online banking customers. A PIX Key is a code that must be used to complete any financial transaction. This code is used in addition to the customer’s regular bank card number and PIN. The Brazilian Central Bank developed the PIX Key to reduce fraud and increase the security of online banking transactions.
Since Pix was launched, over 550 million keys have been registered in the Central Bank’s directory, comprising those freely chosen, as well as those registered by tax ID, cell phone number, and e-mail address. By October, 141.4 million Brazilians had already used PIX.
Brazilians have learned to use PIX for their day-to-day transactions and interactions such as withdrawal, payment, scheduled payment, and payment in installments and it has also been widely used to pay for services and products in person and online.
Here are 5 ways of using PIX payments to triple your Brazil revenues and lower your costs:
- Mobile Access – PIX payments can be made quickly from any mobile device. This makes it easier for customers to make purchases on the go or from the comfort of their own homes.
- Low Fees – PIX payments have lower fees than credit cards, making it more affordable for users to make payments.
- Instant Settlements – PIX payments are processed immediately and are secure, not allowing for any chargebacks. Thus, making it a great choice for those looking for fast and reliable payments, especially for high-risk industries.
- Subscription Models – PIX allows users to create and send QR codes via emails for subscription models, making it easier for customers to make recurring payments.
- Credit Card Unavailable – Many Brazilians don’t have access to credit cards, making PIX a great alternative.
The Brazilian adult industry has seen massive growth in recent years, and PIX has been instrumental in this growth. LetPay, Brazil’s leading cross-border payment provider for the adult industry has been able to help companies significantly increase consumer reach leading to a strong expansion in sales, due to the ease of use and the security that PIX provides.
This has resulted in a much higher rate of sales and conversions for the adult industry in Brazil, and it is expected to continue to grow in the coming years.
Soon, you will also be able to enjoy the similar benefits of PIX in the Mexican market. The Mexican central bank has been in discussions with the Brazilian central bank to use PIX technology to upgrade CoDi, the current instant payment method available in Mexico.
PIX and Codi are just two examples of local payment methods that can be reached by any merchant, wallet, PSP, and the like.
So, if you want to take advantage of the booming adult industry in Latin America, make sure you add PIX as a payment option to your business. With the right strategy, LetPay can help you triple your Brazil revenues with PIX.
