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March 29, 2021
Top Post
Brazil’s Central Bank Uses Payment Platform to Spur Competition
Wall Street Journal
“Brazil’s central bank is revving up its yearslong effort to bust up the country’s clubby banking industry, using a pandemic-driven shift toward touchless payments to launch its own digital platform. The payment system, dubbed Pix, was set up and is maintained by the central bank instead of private payments players, unlike similar systems in other countries. Since its launch in November, Pix is already handling a larger share of digital payments than its private-sector alternatives, advancing the regulator’s goal of spurring competition and getting more Brazilians to use financial services. Additionally, Brazil’s central bank introduced last month so-called open banking, mandating that institutions share key pricing and credit history data with rivals. That added to recent efforts to encourage the growth of fintechs to give consumers more options and to pull unbanked Brazilians into the formal financial system.”
March 15, 2021
On the web
Rollout in Brazil Is Part of MagicCube’s Push for Card Acceptance on Ordinary Phones
Digital Transactions
“As part of its drive to turn off-the-shelf mobile devices into secure point-of-sale terminals using software as opposed to a dongle, MagicCube Inc. announced Thursday that its i-Accept application has expanded to Brazil. Acquiring banks and financial-technology service providers in Brazil can now enable merchants and retailers to accept contactless cards across all four major card networks, as well as capture financial PINs and other verification methods, without the need for additional hardware.”
March 11, 2021
On the wires
MagicCube’s I-Accept, the World’s First Software-Based Replacement for Traditional Payment Terminals, Enables Smartphones As TAP & PIN POS for Brazilian Merchants
“MagicCube , the leader in the new category of Software Defined Trust (SDT), today announced the availability of i-Accept ™, a complete software-based replacement for traditional payment acceptance terminals, now available in Brazil. Through i-Accept™, acquiring banks and disruptive financial services institutions can now enable their merchants and retailers to accept contactless cards, including those from Visa®, Mastercard®, American Express® and Discover® (Elo’s international partner), as well as capture financial PINs and other verification methods, without the need for additional hardware or terminals.”
January 25, 2021
On the web
Brazil’s Instant Payments System, PIX Already Accounts for 78% of Bank Transfers in the Country
LABS English
“Two months after its launch, PIX, Brazil’s instant payment system controlled by its Central Bank, is already used for 78% of all bank transfers in Brazil thanks to the low cost of the operation for banks and the ease for users. According to the Central Bank, Brazilians made 87.1 million bank transfers with PIX between January 1st and 17th (PIX was launched on November 16th, 2020). The amount of money handled by PIX in 2021 is already over BRL 60 billion and the average amount transferred is BRL 700.”
November 16, 2020
On the web
Brazil launches ‘Pix’ instant payments system, Whatsapp to enter ‘soon’
Reuters
“Brazil’s central bank on Monday launched an instant payments platform that will speed up and simplify transactions, as well as foster financial sector competition and lure in new players such as big techs Facebook Inc and Google. Dubbed “Pix,” the state-owned instant payments system allows consumers and companies to make money transfers 24 hours a day, seven days a week, without requiring debit or credit cards. It is also free of charge for individuals.”
November 3, 2020
On the web
Brazilian payments firm Conductor raises $150 million, eyes U.S. listing: CEO
Reuters
“Backed by investment firm Riverwood Capital and payments processor Visa Inc V.N , Conductor provides payments services and software to companies including fintech businesses and retailers. It has 30 million active users and processes 1.5 billion transactions per year, according to Conductor’s website.”
October 15, 2020
On the web
E-Commerce Powerhouse MercadoLibre Eyes Record Brazil Investment
Bloomberg (paywall)
“E-commerce retailer MercadoLibre Inc. is boosting its bet on Latin America’s largest economy, with plans to invest record amounts in 2021. The region’s most valuable company, which is investing a record 4 billion reais ($716 million) this year in Brazil, plans to beat that number in 2021, said Fernando Yunes, the firm’s country manager for Brazil. The move is part of a wider logistics push as the coronavirus pandemic drives sales and stirs competition.”
September 22, 2020
On the web
JPMorgan-Backed Brazil Fintech Plans to Expand in U.S., Mexico
Bloomberg (paywall)
“FitBank Pagamentos Eletronicos SA, a Brazilian fintech backed by JPMorgan Chase & Co. , plans to open a U.S. office in the first half of 2021. The payment-services firm, which has more than 100 clients in Brazil, is also expecting to start operations in Mexico, Peru and Colombia sometime next year, according to Chief Executive Officer Otavio Farah.”
September 9, 2020
On the web
Brazil Targeting a 2022 Launch for Its CBDC
Coin Geek
“Brazil aims to launch a central bank digital currency (CBDC) by 2022, the president of the Central Bank of Brazil has revealed. The CBDC will be part of Brazil’s plan to digitize its payment system, including launching an instant payments system and a competitive Open Banking System.”
September 3, 2020
On the web
General Atlantic Leads $300 Million Growth Round for Brazilian Fintech Company
Wall Street Journal (paywall)
“Growth-equity firm General Atlantic has led a $300 million funding round for Brazilian financial technology company Neon Pagamentos SA to help foster the company’s continued growth. The latest funding comes not long after the firm helped back the company in a roughly $92 million Series B financing round in 2019 and brings total capital raised to more than $400 million. Neon raised a $22 million Series A in 2018.”
August 7, 2020
On the wires
Western Union Expands International Payment Services in Brazil
“The Western Union Company, a leader in cross-border, cross-currency money movement and payments, today announced an expansion of services between its Western Union Business Solutions division and Banco SEMEAR in Brazil to offer the WU® GlobalPay for FI platform, the Company’s solution for financial institutions that enables customers to make international payments simply and efficiently.”
July 21, 2020
On the web
Brazil Will Authorize Payments System Involving WhatsApp If Rules Are Respected, Central Bank Director Says
Reuters
“Brazil’s central bank will authorize a payments system involving Facebook Inc’s ( FB.O ) WhatsApp messaging service, to send money and make payments via chats, as long as all rules are respected, director Joao Manoel Pinho de Mello said on Monday.”
July 14, 2020
On the web
J.P. Morgan Buys Stake in Brazilian Fintech FitBank
Valor International
“J.P. Morgan bought a minority stake in Brazilian fintech FitBank, its first strategic investment in the payments industry in Latin America. The price was not disclosed. The funds will be used to broaden the portfolio and for international expansion as the firm wants to be a “big financial tech.” In the region, the expansion will materialize from the first half of 2021.”
June 30, 2020
On the web
Facebook, Cielo Ask Brazil’s Antitrust Watchdog to Reverse Decision on Payments Deal
Reuters
“Facebook Inc and card acquirer Cielo SA have asked Brazil’s antitrust watchdog Cade to reverse the suspension of an agreement they struck paving the way for WhatsApp to roll out a new payments system, according to a document. Both companies argued that their agreement was not exclusive and allowed rival card acquirers to forge deals with the U.S. social media giant’s WhatsApp messaging system. They also said they did not operate in the same business and had merely entered a financial services agreement, saying that meant the partnership would not offer risks in terms of market concentration.”
June 24, 2020
On the web
Brazil Suspends WhatsApp’s New Payments System
Reuters
“Brazil’s central bank effectively suspended a newly-launched system allowing users of Facebook Inc’s WhatsApp messaging service to send money via chats, ordering Visa and Mastercard to halt payments and transfers via the system. The central bank said in a statement that rolling out the service without previous analysis by the monetary authority could damage the Brazilian payments system in the areas of competition, efficiency and data privacy.”
April 9, 2020
Top Post
Where Necessity Meets Innovation – Government Disbursement in the Time of COVID-19
Payments Views
“Given the coronavirus pandemic and its pressure on governments and individuals alike, Glenbrook’s Global Practice has been looking into how emergency social disbursements can be made quickly to the most vulnerable populations. In our examination, we found some exciting and hopeful examples of how governments and fintech players have mobilized to meet this need in both Brazil and Colombia.”
June 11, 2019
On the wires
Provider of Solutions for Global Payments From Silicon Valley Officially Launches Operations in Brazil
Ripple, the global leader in enterprise blockchain solutions for cross-border payments, launches operations in Brazil to expand its footprint in South America. In addition, Ripple is also bringing on seasoned fintech entrepreneur and executive Luiz Antonio Sacco as managing director to drive strategy and build the Ripple ecosystem in the region.
May 6, 2019
On the web
MercadoLibre Soars to Record as Payments Growth Impresses Street
Bloomberg
“Latin American e-commerce retailer MercadoLibre Inc . is getting a boost from its payments push . American depositary receipts for the Buenos Aires-based company jumped as much as 20 percent to a record high on Friday after first-quarter revenue beat the highest analyst estimates . “Strong” payments growth overshadowed a slowdown in gross merchandise volume, according to analysts, many of whom raised their price targets on the stock.”
April 22, 2019
On the web
Brazil’s Pagseguro Launches Instant Payment Feature for Debit And Credit Card Transactions
Reuters
“Brazilian card processor Pagseguro Digital Ltd said it will offer instant payments for merchants in debit and credit card transactions, according to a securities filing on Monday. Pagseguro’s move follows Itau Unibanco Holding SA’s card processor unit decision to stop charging interest rates and repaying merchants using its machines in two days, compared with the usual 30-day period.”
April 8, 2019
October 15, 2018
On the wires
Allied Wallet Connects Its Platform with 200+ Million in Brazil
“Allied Wallet is now offering several of the most popular alternative payment options in Brazil, as they are now compatible with Allied Wallet’s digital eWallet services. Allied Wallet is now compatible with Boleto Bancário, Hipercard, Banco do Brasil, AstroPay Card, Santander, Elo, Bradesco, Aura, Cartao MercadoLivre, and Itaú. The average internet user in Brazil spends about $560 USD online and online shopping is expected to grow 64% in the next three years (Forrester); however, 47% are concerned about security online.”
October 1, 2018
On the web
Brazil payments processor Cielo struggles against upstarts
Reuters
“Brazilian payment processor Cielo SA’s once fat margins have been decimated by rivals who lease or sell credit card terminals to merchants for a fraction of what the market leader has long charged. Now Cielo is fighting back, offering services such as inventory management and market intelligence tools to justify its premium pricing and retain its core payments clients, two sources close to the company said.”
August 30, 2018
On the web
PayPal partners with Brazilian bank Itaú Unibanco
Reuters
“Digital payments company PayPal Holdings Inc on Wednesday announced a partnership with Brazil’s biggest private lender Itaú Unibanco Holding SA to offer its services to the bank’s card clients.”
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