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Inspired by India, Pix celebrated its third anniversary with record success, leading the instant invoice boom in Latin America.
CURITIBA, Brazil, Dec. 6, 2023 /PRNewswire/ — In Kano, Nigeria, a student takes a bus to meet friends after school. In Bangalore, India, a business owner tops up a prepaid cell phone. In Belo Horizonte, Brazil, a soccer fan eats something outside the stadium while waiting for the match to start. Unbeknownst to them, they are all full-fledged players in the existing instant invoice revolution. People have followed instant payment methods without any problems. , PIN in Nigeria, UPI in India, and Pix in Brazil are the most notable possible options for your daily transactions.
The numbers tell a compelling story. In 2022, global real-time transaction volumes increased by 63. 2%, reaching an all-time high of 195 billion transactions. Projections imply that this figure will reach $511. 7 billion by 2027, reflecting an impressive compound annual expansion rate of 21. 3%. By 2027, real-time invoices are expected to account for 27. 8% of all e-invoices globally, a very significant increase from the 18% seen in 2022, according to ACI’s Worldwide It’s Prime Time for Real-Time 2023 report.
“Pix is considered UPI’s little brother,” says Paula Bellizia, president of global invoices at EBANX. “The Brazilian solution was introduced 3 years ago and it’s no exaggeration to say that literally now. “Brazil already accounts for 15% of all instant invoices made globally, second only to India, according to ACI Worldwide. Data from Payments and Commerce Market Intelligence (PCMI), for EBANX, predicts that almost a third (29%) of the total price of virtual business transactions in Brazil this year will be done through Pix.
And just as India encouraged Brazil, Pix is now spreading the concept of instant invoices in Latin America. They’re available at any time, they’re cheap and, by definition, fast, but, according to Lindsay Lehr, managing director of Payments and Commerce Market Intelligence (PCMI), there are other reasons why instant invoices are becoming so popular. “Although most Latin Americans now have a bank account, credit card penetration remains low. Instant invoices fill this gap and also update cash. Consumer habit has updated the Covid-19 pandemic and other people now prefer virtual invoices.
According to ACI Worldwide, instant invoices in Latin America are expected to grow from 33 bi transactions to 323. 8 bi by 2027. ” Payments are the backbone of virtual growth,” says Bellizia. They are a bridge to virtual and monetary inclusion, bringing everyone closer to “In 2020, instant and real-time invoices accounted for only 16% of virtual commerce in Latin America. . PCMI expects this figure to rise to 34% within two years.
With more customers in the virtual economy, global businesses see an opportunity to take advantage of payment strategies of choice and generate revenue, especially in expanding markets like Latin America. EBANX’s annual Beyond Borders report shows that, on average, APMs already accounted for 39% of e-trade volume in the region in 2022, and are expected to account for 42% by the end of this year, with Colombia (50% forecast) and Brazil (49% forecast) as the highlights. “Let’s take Brazil as an example: Pix has become the preferred payment method. If you’re promoting products or facilities to customers there, you’ll want to be offering them that option,” says Juliana Etcheverry, Director of Strategic Payments Partnerships at EBANX.
Taking Brazil as an example, it is attractive to see how instant invoices can evolve as a product and also in the way other people use them. Three years ago, Pix was primarily a solution for person-to-person (P2P) transactions. According to the Central Bank of Brazil, at that time, only 6% of transactions were similar to the payment of expenses or the purchase of products (P2B). The situation is different now: P2B transactions through Pix represent 34% of the total volume. Some novelties such as “Auto Pix” (or “Auto Pix”) – a solution that will allow recurring invoices – are already on the roadmap and deserve to make the approach even more attractive for P2B transactions.
As Pix transforms the way Brazilians conduct transactions and inspire a broader Latin American embrace, there are new potential opportunities on the horizon, such as enabling cross-border payments. The President of the Central Bank of Brazil, Roberto Campos Neto, said recently that Brazilians are already using Pix to pay for products when traveling abroad. Here, again, there is probably some inspiration coming from Asia, where cross-border payments are already happening under international deals.
More information: EBANX PR Agency: Content CO
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SOURCE: EBANX