dLocal Becomes Certified PISP, Streamlining Pix Payments in Brazil’s Open Finance Ecosystem
dLocal, a cross-border payment platform, can now process Pix payments within the Open Finance ecosystem in Brazil without redirecting users to bank apps. This capability results from dLocal becoming a certified Payment Initiation Service Provider (PISP) by the Central Bank of Brazil.
The PISP certification allows dLocal to streamline the payment process. It eliminates unnecessary steps during Pix transactions, which can enhance conversion rates by reducing friction.
Forty-three percent of Brazilian consumers use Pix daily. In contrast, 29% prefer credit cards, and 21% use cash. Research shows that 82% of Pix users believe the instant payment platform positively impacts their daily lives.
Earlier in the year, dLocal partnered with Papaya Global to facilitate global payroll in local currencies for companies in Latin America and other regions. This partnership supports countries like Chile, Colombia, Mexico, Indonesia, Vietnam, and select African nations.
Interview with Maria Silva, Payments Specialist at dLocal: Transforming Cross-Border Transactions in Brazil
NewsDirectory3: Thank you for joining us, Maria. dLocal recently achieved certification as a Payment Initiation Service Provider (PISP) by the Central Bank of Brazil, allowing your platform to process Pix payments without redirecting users to bank apps. Could you explain the significance of this development?
Maria Silva: Thank you for having me. Achieving the PISP certification is a game-changer for us. This allows dLocal to streamline Pix transactions, which is critical given the rapid growth of instant payment methods in Brazil. By eliminating the need for users to switch between apps, we reduce friction in the payment process, which can significantly enhance conversion rates for our clients.
NewsDirectory3: What impact do you anticipate this will have on consumer behavior in Brazil?
Maria Silva: Given that 43% of Brazilian consumers use Pix daily, our new capability will cater to a growing demand for seamless transactions. Our research shows that 82% of Pix users feel that instant payments improve their daily lives. By providing a smoother payment experience, we are likely to see an increase in the adoption of Pix, benefiting both consumers and businesses alike.
NewsDirectory3: Earlier this year, dLocal partnered with Papaya Global for global payroll solutions. How does this relationship enhance your service offerings?
Maria Silva: Our collaboration with Papaya Global allows us to facilitate payroll in local currencies for companies throughout Latin America and beyond. This partnership not only simplifies cross-border payments for businesses but also ensures that employees receive their wages in a timely manner, no matter where they are based. It reinforces our commitment to providing accessible and efficient financial solutions on a global scale.
NewsDirectory3: Can you share insights on dLocal’s recent collaboration with ACE Money Transfer?
Maria Silva: Certainly! Our partnership with ACE Money Transfer, launched in October 2023, enhances our payout services across the Asia-Pacific and EMEA regions. This initiative enables users in the UK, Europe, Canada, Australia, and Switzerland to make instantaneous transfers using various methods, including bank transfers and digital wallets. This reflects our ambition to simplify and expedite cross-border transactions, making international money transfers as seamless as possible.
NewsDirectory3: Looking ahead, what can consumers and businesses expect from dLocal in the near future?
Maria Silva: We are continually exploring ways to innovate and enhance our payment solutions. Our focus remains on reducing friction in transactions and expanding our service offerings to more regions and markets. Consumers can expect a more inclusive payment experience, while businesses will benefit from our efforts to increase efficiency and conversion rates in cross-border transactions.
NewsDirectory3: Thank you for your insights, Maria. We look forward to seeing how dLocal continues to shape the future of payments in Brazil and beyond.
Maria Silva: Thank you! It’s an exciting time for dLocal, and we’re committed to making a meaningful impact in the payment landscape.
In October 2023, dLocal collaborated with ACE Money Transfer to enhance payout services in the Asia-Pacific and Europe, the Middle East, and Africa regions. This enables customers in the UK, Europe, Canada, Australia, and Switzerland to transfer money instantly using various payment methods, including bank transfers and digital wallets.
This development reflects dLocal’s commitment to improving payment solutions for businesses and consumers, ensuring efficiency and ease in international transactions.