- PayU wants traditional banks and regulators to work together to increase the adoption of online money transfer services in Brazil in 2023.
- Around 1.9 billion global consumers and small businesses are still unbanked.
- PayU plans to add new payment methods and increase access to credit to improve its service next year.
Payments service provider PayU has called on banks and regulators to work together to increase customers’ access to online money transfer in Brazil in 2023.
Heading into the new year, around 1.9 billion global consumers and small businesses still don’t have access to banking services, and many of those excluded reside in Brazil.
PayU CEO Mario Shilashki believes traditional banks need to collaborate with fintech companies and regulators to help those outside the system to sign up for digital accounts.
He noted: “Standards need to catch up in order to also increase the adoption of these services and the ability for fintech to scale.”
Access to cross-border payments has been growing steadily in Brazil after the central bank launched an instant payment system, Pix, back in 2020. The service is now used by more than two-thirds of the population and facilitates billions of transactions annually.
Shilashki says the government and established institutions must continue working closely to increase adoption.
PayU has already seen impressive growth in Brazil thanks to its simple and intuitive money transfer system. Shilaski says the company is not resting on its laurels and is planning to roll out new features next year. This will see the introduction of new payment methods at checkout to help consumers and businesses improve credit access.
PayU is also focused on delivering an excellent user experience that will help fintech companies in emerging markets to make “tremendous strides”, according to Shilashki.
There has never been more modes of money transfer. To find the best transfer routes for fast and secure transactions, check out our money transfer reviews.
