Understanding the landscape and evolution of payments in Brazil is the backbone of AstroPay’s business, firm’s CEO Mikael Lijtenstein told SBC Notcias, delving into the company's offer in Latin America and how the Pix instant payment system "can favor real-time payments and promote financial inclusion.”
Regarding how attractive the Latin American market in general is for AstroPay, he comments that “the region is home to some 300 million digital shoppers, a figure that is expected to grow more than 20 percent by 2025. It is also home to one of the largest populations most diverse in the world and a group of countries that share many things in common, such as language and history, among other things. However, each country in the region is unique and deserves to be defined by itself based on its characteristics.”
When talking about the company's experience in the most important market in the region, he says that “AstroPay has been operating in Brazil since 2009 and it was the first market where the company began its operations. From the beginning, we have provided an online payment option available to all users who need to buy on international sites, regardless of whether they have a credit or debit card.”
After more than 10 years of trajectory, AstroPay did not hesitate to adopt a new feature that generated a certain revolution in the segment in the country. “Pix is a mobile payment system created by the Central Bank of Brazil in October 2020. The payment method in which funds are transferred between accounts, in less than ten seconds, is a practical, instant and secure payment option that It can be used from a checking account, a savings account or a prepaid payment account.”
“When Pix was launched in Brazil, our dedicated team started working to integrate it into our payment solutions, making sure it was instantly available for use by our users,” added the executive.
About the benefits of Pix, Lijtenstein does not hesitate: “It is an interesting example of how instant payments can favor real-time payments and promote financial inclusion in a country where almost 34 million adults still do not have access to traditional financial services. The payment method has been adopted by more than 62% of the country's adult population, according to the Central Bank.”
And the company's own information ratifies this trend: "According to our records, 82% of payments in Brazil received on our platform in the last month have been made through Pix, which has replaced bank transfers and another popular local payment method, the Boleto.”
Having adopted this system has to do, according to Lijtenstein, with the fact that “our role is to understand what users need and provide a solution. That's what we do at AstroPay.”
At the forefront of the evolution of payment systems in Brazil, Lijtenstein analyzes the possible reach of the company to other countries. "Our success and ability to continue our growth and expand into new markets is driven by our knowledge and ability to be agile when there are changes in trends and new developments in the market in which we operate," concludes the CEO of AstroPay.
Source: SBC Noticias
