news: spotify Added Pix It will be offered as a payment option for premium users in Brazil, according to a company release.
How we got here: Pix, operated by the Brazilian Central Bank, has enjoyed great success since its launch in November 2020.
- Instant payment systems are very popular and comprehensive. It allows users to make fast and free electronic payments without the need for a bank account.
- Monthly transaction volume reached 3 billion in MarchCash transfers are the top credit card payments, according to Brazil’s central bank.
- It is also cheaper than traditional card payments for merchants, according to the central bank, making it the most used payment method in Brazil.
Why partnering makes sense:
- Adding cheaper, faster, and more popular payment methods could encourage more users to pay for Spotify Premium.
- For Pix, partnerships with major global brands like Spotify will help increase transaction volume and user numbers by expanding beyond peer-to-peer payments into retail.
Partnerships and new product features will help Pix sustain growth and eat into payment card market share. partnership with Spotify, Brazilian bankwhich made it possible to pay with Pix whats up, will help it.and Plans to perform live in other Latin American countries It should also attract more users and volumes.
Multinational companies should note: Pix and Indian Integrated payment interface (UPI) are both major domestic payment success stories, increasing fee pressure, Domestic network expands beyond national borders.
Pix’s market-leading position in Brazil could also weaken the expansion plans of foreign payment firms. And don’t be surprised if other central banks in Latin America and Southeast Asia try to imitate Pix and UPI.