If you are an agency that is still trying to figure out how to be able to accept payments via PayPal or Venmo, you are now two steps behind, because a new instant payment technology for financial institutions has expanded into the United States after a successful launch in Brazil.
Called Pix, the technology facilitates financial transfers in seconds through transfers between transactional accounts like savings and checking accounts that claims to be more convenient and less expensive than other payment methods.
The company behind Pix, Matera, has opened an office in the United States and plans on expanding into this market. Pix processes three billion transactions a year in Brazil, 20% of them through QR codes, and provides banking access to more than 250 global banks, credit unions, and digital banks.
Matera is launching what it calls a “one-of-a-kind” QR code payments software to financial institutions in the U.S., which can be paired with an instant payment platform or used in a closed loop. The technology allows consumers to open up an app, scan a QR code, and have payment completed automatically. To ensure safety and security, the consumer is authenticated through use of their banking app, which makes the transaction more safe and secure than using a credit or debit card, the company said.
“Matera has developed payments technology that is two-to-three years ahead of anything the U.S. market has seen to date, and we’ve proven its value through our deployment in Brazil,” said Patrick Devlin, President of Matera U.S. and a former PayPal, WorldPay and Visa executive, in a statement. “There is tremendous opportunity here in the U.S., as more than 10,000 financial institutions require better digital payments options. We are here to help by delivering world-class customer experiences through seamless payments solutions.”
The company has released a pair of white papers — A Glimpse Into The Future of Instant Payments in The U.S. and The U.S. Instant Payments Landscape.