Ricardo Silveira Junior

Should we forget bank apps and just do everything through WhatsApp? 🤔 This week, PicPay introduced Pix payments via WhatsApp using an AI-powered assistant 🤖. The bank’s technology can recognize Pix keys and interpret "complex" contexts, such as a photo of a price list or an audio message about sharing expenses. PicPay's Assistant on WhatsApp also offers other features like bill reminders 📅. While Bradesco first introduced the "AI WhatsApp-Assistant" concept, Magie took it further, building a full banking/payment experience entirely on WhatsApp, no separate app required 📱. I wouldn’t be surprised if major traditional banks and fintechs jump on this trend before the year-end 🔥. Indeed, WhatsApp is Brazil’s most popular app, with around 93% of Brazilian internet users relying on it for communication 💬. We can already imagine a new world of possibilities. How comfortable would you be handling everything through WhatsApp instead of your bank’s app (e.g., investments, credit lines)? 🙋‍♀️ 👉 Stay tuned for more updates on Brazil's Banking & Payments evolution! (*Image from Picpay's blog.)

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𝟓 𝐏𝐨𝐰𝐞𝐫 𝐌𝐨𝐯𝐞𝐬 𝐒𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐎𝐩𝐞𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐢𝐧 𝐁𝐫𝐚𝐳𝐢𝐥 𝐚𝐧𝐝 𝐂𝐡𝐢𝐥𝐞 🌎 🇧🇷 Brazil Levels Up Open Finance with Streamlined Pix and Broader Participation ➊ Banco Central do Brasil and the National Monetary Council (CMN) have introduced new rules to streamline the payment initiation journey with Pix, Brazil's instant payment system. This includes enabling contactless transactions and expanding the range of institutions required to participate. The establishment of a definitive governance structure marks a significant step towards a more organised and accessible financial landscape. ➋ Noda’s expansion into Brazil brings cross-border multichannel payment services, unified reconciliation, single onboarding, and instant banking and money transfers across Brazil, Europe, the UK, and Canada. This expansion simplifies the operational complexities for merchants by enabling seamless cross-border transactions. Businesses can now cater to a broader audience with minimal friction, enhancing their global reach and operational efficiency. ➌ Mercado Pago, Noh, and Iniciador begin offering "Smart Pix" transfers, allowing automatic transfers via Pix between accounts held by the same user with a single authorisation. This feature marks a significant advancement in the user experience, offering a convenient and secure way to manage multiple accounts. It’s a game-changer for individuals and businesses alike, streamlining financial management and reducing the administrative burden. 🇨🇱 Chile Sets the Stage for Open Finance Revolution ➍ Chile’s Comisión para el Mercado Financiero (CMF) has rolled out the regulations for the Open Finance System under the Fintec Law (No. 21,521), with a 36-month implementation timeline. This regulation is expected to foster greater competition and financial inclusion by enabling new financial service providers to enter the market. ➎ Floid introduces pay-ins and payouts offerings, aimed at facilitating online transfers and enhancing its service offerings within the Open Banking framework.  By providing a comprehensive suite of financial services through a single provider, businesses can offer a more integrated and user-friendly payment experience, which is critical in a digital-first economy. ________________ ♨️ Latin America's open finance revolution is picking up steam, and these recent developments are a glimpse into a future of more accessible credit, innovative financial services, and a booming fintech landscape. To understand the big picture and explore the broader implications of Open Finance in Latin America, check out our blog post. Gain a comprehensive view of how Open Banking and financial players are teaming up to build a more mature and democratic credit market in the region ➡️: https://lnkd.in/ggr37zDy via Walter Pereira X WhiteSight #fintech #openbanking #openfinance #payments #PIX #LATAM #regulation

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Exciting News 🤔 | Nubank, Brazil's leading digital bank, is now offering Bitcoin payment services using the Lightning Network to its 100 million customers and expanding throughout Latin and South America. This initiative underscores a significant shift in the financial landscape, highlighting the region's rapid adoption of digital assets. This month, Argentina reported a historic economic milestone: the country achieved 0% inflation for the first time in three decades, bolstered by substantial governmental cuts and proactive investments in cryptocurrency mining. These moves signify a broader trend toward innovative economic strategies. Meanwhile, El Salvador remains in the spotlight for its continuous investment in Bitcoin, purchasing one Bitcoin daily to strengthen its treasury reserves since 2022. It is also noteworthy that Berkshire Hathaway, led by the renowned investor Warren Buffett—who has historically been critical of cryptocurrencies, even labeling them "rat poison squared"—has indirectly supported the digital asset sector through its investment in Nubank. Although Buffett has not publicly endorsed cryptocurrencies, his firm's investment in a bank integrating digital assets into its operations reflects the evolving dynamics of global finance. Bitcoin is now the 8th-most valuable asset by market cap, with a valuation of $1.2T We applaud Nubank’s CEO, David Vélez, and his team for their visionary leadership and commitment to innovation, truly defining the future of banking. As Nubank continues to pioneer these technological advances, it serves as an example we hope will inspire U.S. banks to embrace similar transformative technologies for our citizens. Congratulations to Thomaz Lysakowski Fortes, CGA®, the entire Nubank team, Christian Catalini, and the Lightspark team for setting a new standard as the future of banking! #Nubank #DigitalBanking #Bitcoin #LightningNetwork #CryptoPayments #Finance #LatinAmerica #Banking #Fintech #FutureOfFinance #WarrenBuffett #lightspark https://lnkd.in/gqeVa9kX

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💡Brazil’s instant payment system, Pix, is rapidly gaining ground and is expected to overtake credit cards in 2024 for online transactions. Launched by Brazil’s Central Bank in 2020, Pix has exceeded expectations due to its free, real-time transactions that benefit both consumers and merchants. Its easy-to-use QR-code platform has expanded quickly, though one drawback is the lack of chargeback rights for e-commerce buyers. Even with this, the Central Bank reported a record 227 million transactions in one day! What are your thoughts about this? #DigitalPayments #Pix #Fintech

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💸 Brazilian fintechs raised $802 million in Q2, more than four times the volume of Q1 ($189M). The results of the second quarter highlight the growth of the Latin American startup ecosystem, according to Sling Hub data. Latin America secured $2.2 billion from April to June, substantially surpassing the $1.3 billion raised in Q1 (+66% QoQ). Brazil represented $1.2 billion of this amount, marking a 69% QoQ increase and a 160% rise compared to Q2 2023. Fintech investments accounted for 58% of the region's total, with Brazilian fintechs standing out by raising $802 million in the second quarter, over four times the amount received in the first quarter (US$ 189M). The largest rounds in Q2 were led by Brazilian companies CloudWalk, Inc. ($308M, also the largest investment of the year) and Celcoin ($125M), and Argentina's Vercel ($250M). Want to receive the full Q2 report from Sling Hub and Itaú BBA? Subscribe to our newsletter to stay informed!   😉

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Circle Integrates USDC with Brazil and Mexico’s National Payment Systems 🌍 💎 Key Highlights: 🟡USDC Integration: Circle has integrated its USD Coin (USDC) with Brazil’s PIX and Mexico’s SPEI real-time payment systems. 🟡Instant Transfers: Businesses can now access USDC in local currencies (BRL and MXN) through local banks without relying on slow international wire transfers. 🟡Faster Access: Circle claims this move reduces settlement time from days to minutes, boosting liquidity for businesses. 🟡Strategic Impact: This expansion enhances cross-border payments in Latin America, particularly for remittances and trade. ✨ The Significance: 🇧🇷 Brazil: PIX has 168 million users, and 95% of Brazil’s $640B annual foreign trade happens in USD. 🇲🇽 Mexico: Remittances from the U.S. to Mexico hit $63B in 2023, representing 4% of Mexico's economy. ➡️ This integration strengthens USDC's position in cross-border finance, making it a key player in the global payments infrastructure. 🔗 Read Full Details: Here (https://lnkd.in/gxZHyVuV) #USDC #Circle #Brazil #Mexico #Fintech #Stablecoins #Crypto

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😳 😲 THIS DATA IS CRAZY! 😲 😳 Between these two payment methods, which are NOT CARDS, they have over 500 million individual users and process on a monthly basis just over half a trillion dollars. I was even more surprised that even though pix (operated by the Banco Central do Brasil) was only started in 2020, it now processes more monthly than UPI (operated by the National Payments Corporation Of India (NPCI)). With this is mind where can you access both of these payment methods via a SINGLE PLATFOM? PPRO of course, if you are interested to know more drop me a line. Thanks Marcel van Oost for sharing. #payments #india #brazil #alternativepaymentmethods

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What is the most searched question for the topic of #CAIO? You might think What is a CAIO, but you'd be wrong. "How to become a Chief Artificial Intelligence Officer" is the number one CAIO search term. Why? #GenAI is not only here to stay but companies are almost insane trying to figure out how to leverage this technology beyond the basic shovel stage. How does your business provide true innovation using #AI? That's a question your first or next CAIO could answer. In the comments below, share with the group how your board is coping with investment and management of this technology?

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Fantastic panel at Web Summit Rio “How Fintechs Serve as SMB Accelerators” with my co-founder Andrea Burattini, Cora’s founder Igor Senra and Vexi’s co-founder Cinthia Merlos. Here are a few excerpts from the panel, focusing on Andrea's experiences as she developed Dinie. Having grown up around small businesses, most of her family and friends included, Andrea recognized the chance to enhance their lives through a seamless banking experience, where financial products are easily accessible on platforms that these businesses use daily, aligning with their ongoing needs and routines. We decided to tackle credit cards and business overdrafts directly, since we've observed numerous small businesses fail due to these products, which aren't suitable for their working capital needs. We've been at the forefront of introducing embedded lending as a service in Brazil and have taken advantage of regulatory innovations like Receivables Registration, Open Banking, and PIX. Looking forward, our embedded API model allows us to integrate all the services we develop into any ecosystem that supports small and micro businesses. #womenarethefutureoffinancialservices #WebSummitRio #Fintech #SMBs #FinancialInclusion #EmbeddedLending #OpenBanking #BusinessInnovation #Entrepreneurship #Dinie

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Even the largest bank in Brazil, Itau Unibanco opens cryptocurrency trading services for all customer! 💹 https://lnkd.in/dJR8phEA They are now realizing the potentials and opportunities of cryptocurrency. You don't want to miss this. Make your decision today! Invest now and retire early! #Bitcoin #Cryptocurrency #Millionaires #Finance #Investing

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Unless you are speaking with payment nerds, open banking is a boring topic, right? Ok, maybe not that boring if we talk about Pix (Brazil) and show you the graph of the incredible rise in Pix payments over the last 2 years. That is a kind of cool graph and people get engaged with it...but who cares about regime models, right? Wrong 😆 If Brazil hadn't taken the Commander approach to open banking Pix would never have happened, and the Advocate approach is the strong reason (among others) why the USA is still trailing behind the world when it comes to open banking. EU? Hmm...still too slow. You can download the report here 👇 https://lnkd.in/eH5EZWxu

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We at PCMI continue to be amazed by Pix's success in Brazil. As Pix P2M volumes close the gap with credit credit cards, the question of how the card industry should respond is becoming more urgent. Cesar Boralli and I share some thoughts on this in our latest article. https://lnkd.in/gcyQuJ6V

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🎉 Big News! #epag Welcomes #PicPay to Our Platform! 🚀 We’re thrilled to announce that PicPay, Brazil's leading social wallet and super app, is now fully integrated into epag's system! 🌟 Here’s why this is a game-changer: ✅ 36 million users transacting daily ✅ 57 million active accounts ✅ R$13 billion (USD 2.24 billion) in monthly transactions ✅ 22% market share as the top payment initiator in Brazil PicPay’s massive reach and influence in Brazil's payment landscape make it a powerful addition to your portfolio—and an incredible opportunity to scale your business. At epag, we’re all about bringing you solutions that drive growth and success. Let’s make this happen together! 💪 #payment #latam Ricardo Dortas Schönhofen Julian M. Yonathan Ospina Daniele Bolsas Paulo Moura

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Embedded insurance continues to be a hot topic. The fundamentals, including more revenue for brands and higher value for their customers, are definitely there. Still, the implementation is proving to be more complex than expected, translating into slower adoption rates. I shared some thoughts on accelerating this in an article featured in Insurance Innovation Reporter. Spoiler alert: it has a lot to do with technology! #embeddedinsurance #marketadoption #insurtech

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I had a fantastic time at Money20/20 this week, discussing how the US financial services industry can learn from Brazil's innovations.   As you may know, Brazil is a global leader in fintech innovation. It boasts one of the world's most advanced instant payment systems, PIX, and is home to the largest neobank, Nubank.   It was a pleasure to speak on this panel alongside Luciano Matarazzo Regno from Banco do Brasil. We explored how open finance and PIX have accelerated financial inclusion, allowing the fintech ecosystem to thrive.   One key point I made was that while these innovations initially led to a surge in fraud, banks adapted quickly. In fact, I believe they are at least four years ahead of their US counterparts in terms of fraud prevention technology.   To illustrate this, I mentioned that only 1% of the top 50 Brazilian financial institutions currently rely on legacy authentication methods, such as SMS-based one-time passwords (OTPs). In contrast, 75% of the top 50 financial institutions in the US still use this insecure verification method.

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The employee benefits company Pluxee has the enormous task of managing up to 400 transactions per second between cardholders and commercial entities. It needed a better way to process benefit card transactions for the company's 7.1 million users in Brazil. These cards provide users with discounts and promotions on meals and groceries at over 740,000 restaurants and supermarkets across the country. Thanks to DXC Technology's secure and agile processing of card activities, Pluxee will be able to enhance user satisfaction, loyalty and retention. "We are excited to assist Pluxee in its transformation journey, helping them exceed user expectations and maintain their leadership in the sector," said Ricardo Ferreira, General Manager of DXC Technology Brazil and Latin America. This is another great example of DXC Technology excelling at the kind of complex engineering that industries of all shapes and sizes rely on. Learn more: https://dxc.to/3yWk8xy #Pluxee #EmployeeBenefits #Innovation #DigitalTransformation

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🇧🇷 Brazil’s Pix 🆚 India’s UPI 🇮🇳 Let's dive in (and compare) these two Payments success stories: FXC Intelligence compared both payment methods, including their cross-border capabilities, and here is a summary of the results: While UPI is a decentralised payment system owned by the non-profit National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India, Pix is a centralised system owned and regulated by the Banco Central do Brasil (BCB), which has mandated its adoption amongst Brazilian financial institutions. They have both seen rapid adoption in their countries, though Pix appears to have been adopted faster across its population – as of March 2024, roughly 70% of Brazil’s population had used Pix since it launched in 2020 while a December 2023 update suggests 28% of India’s population has used UPI since its launch in 2016. Pix is still catching up to UPI when it comes to certain features, including cross-border expansion. Read more in Joe Baker's source article: https://lnkd.in/eU4pgv4g Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #payments #paytech #digitalpayments #pix #upi #digitalbanking #fintech #fintechindustry #financialtechnology

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