As C14 grows internationally, a goal of ours is to be as transparent as possible. We are currently launching support for Pix payments in Brazil. Pix is an efficient form of bank transfer from the Central Bank of Brazil that went live in 2020. It can easily be used to send/receive money, purchase goods, and pay bills. Our PIX integration allows Brazilian users to seamlessly move from Fiat to Crypto using their local payment method.
But first, why bank transfers?
In the westernized world, credit and debit cards are a very common form of payment. This, however, is not a true representation of the global population. According to PPRO, global credit card penetration sits at a meager 19% of the population, whereas global smartphone penetration is a much larger 70% of the population. Because of this, alternative payment methods such as bank transfers are increasingly common.
At C14, we prioritize effective global expansion — because we understand that card payments are not common everywhere, we are adding support for instant bank transfers as well. Thus, we are rolling out Pix payments. While Pix is the first international bank transfer rail that we will support, it won’t be the last!
What are Pix payments?
Pix is a fast payment system created by the Brazilian Central Bank to enable instant bank transfers from one account to another. Additionally, it enables interoperability between all digital wallets. Pix is extremely fast, in-expensive and operates 24/7/365.
A year after its inception, Pix increased by 14,000% and was used by 71% of the country’s population. The latest reports from the Brazilian Central Bank show that Pix generated a monthly volume of over $100 million USD transferred. Pix can be used to facilitate peer to peer transactions, similar to Venmo, and is also popular as a tool for merchants to collect payments from their customers.
Central Banks around the world have been rolling out new banking rails to better meet the demands of the modern world. Americans are frequently surprised to learn how antiquated our domestic banking rails (ACH) are in relation to these new emerging market focused solutions.
Why use Pix in Brazil?
Because Pix is a popular payment system in Brazil, it is convenient and free for all consumers to use. Additionally, Pix offers real-time payments which is simpler for users than having to track the status of their funds over the course of hours, or even days.
Pix significantly reduces risk for consumers because it does not require a card password or ATM. Additionally, it relies on authentication and cryptography to offer added security to users.
The total Brazilian population is currently roughly 215 million people. As the graph above shows, almost half of the Brazilian population is currently using Pix!
How to use Pix with C14
Using Pix with C14 is an extremely seamless process:
- Enter your wallet address
- Select Pix as your desired payment method.
- Confirm your phone number.
- Complete the identity verification process.
- Confirm your order amount.
- Send funds via the displayed QR code.
- Receive funds in the wallet address inputted in step 1.
Once the payment has been processed your desired asset will be automatically transferred to your wallet. Easy!
Reach out
Demand for digital assets has exploded in Brazil. Despite the surge in volume, it is difficult for the majority of Brazilian consumers to easily access crypto. By embedding C14’s payment widget in your project, you are able to service millions of new potential customers. For more information reach out to us on Twitter!
