Volt Expands Open Banking to Brazil
Open payments gateway Volt has expanded operations to Brazil to make way for real-time payments, currency export and foreign exchange to the Central Bank of Brazil, according to a Thursday (Nov. 11) press release.
As part of the expansion, the 2-year-old company has integrated Brazil’s domestic instant payments network Pix and set up a physical presence in São Paulo, according to the announcement.
The open banking company has more than 5,000 bank connections in Europe. Pix, which was established in November 2020, has more than 90 million active accounts and processed more than 500 BRL in October. In addition, more than 17 million new users signed up for Pix between September and October alone, according to the press release.
“Brazil’s rapidly growing eCommerce market and traditionally underserved customer base has created a landscape ripe for payments innovation,” said André Faria, Volt founding director, Latin America. “A year since its inception, we have seen a stratospheric rise of the Pix platform with unrivaled consumer adoption. By building on this already well-established instant payments network, we are enabling both domestic and export payments for local and international businesses – whether they have an on-the-ground presence or not – at the speed of now.”
The Volt expansion comes on the heels of a recent partnership with Worldline to provide more than 600 enterprise-level retailers with access to Volt’s infrastructure, as PYMNTS reported. As part of the arrangement, Worldline customers will receive the latest payments innovations and features, enabling them to launch their own branded payment methods.
Read more: Partnership Lets Worldline Clients Access Volt Payments Gateway
Volt is not the only company focusing its payments technology on Brazil. Last month, eCommerce credit card payment platform Cybersource and Brazilian FinTech EBANX announced a joint effort aimed at streamlining payments for Brazilian customers. Cybersource customers can access EBANX’s payment solutions for Brazil and offer their Brazil-based customers the option to pay for products and services online with debit cards, credit cards and buy now, pay later (BNPL) installment payments.
Also see: Cybersource and EBANX Team up on Brazil Payments Platform