Brazilian neobank Banco Original and Shipay, a startup of digital payment integration solutions for retailers, created a dynamic QR Code model that allows retailers to use PIX (the Brazilian Central Bank instant payment system) for payments at the point of sale.
The solution is available for the entire retail market, and not just for Banco Original or Shipay customers. In addition, QR codes can be created by retailers with a business account and small merchants who have only one personal account. According to the companies, the solution’s goal is to speed up retail accession to the PIX.
READ ALSO: Brazilian e-commerce chooses credit card over PIX
The solution allows the retailer to create a QR Code for each purchase that the consumer pays via PIX. The customer just needs to point the cell phone camera to finish the operation. Thus, the retailer can receive payment via PIX regardless of the financial institution he uses.
Luiz Coimbra, co-CEO of Shipay, explains that the solution allows the merchant to maintain its financial relationship with its bank and can use the PIX in a simpler way and integrated with the cash system.
READ ALSO: Brazilian Central Bank announces new PIX features
PIX debuted four months ago with excellent receptivity – in three months, 77.65% of Brazilians have already registered a key (a kind of a PIX user registration) to use it. From the launch of PIX in November 2020 until the end of February 2021, more than 450 million P2P transactions have been carried out. The number of PIX P2B performed in the same period was 44.6 million.