Thunes, a Singapore-headquartered global payments company, today announced a partnership with Brazil's Bexs Banco ("Bexs"), a pioneer in international digital payments, to help global businesses and customers make real-time payments to Brazil, including payments to Pix, the instant payment system developed by Brazil's Central Bank.
With this partnership, Brazilian recipients will be able to enjoy increased speed and transparency of inbound transactions processed by Thunes. Those using Pix will receive payments instantly. Since launching in November 2020, Pix has already gained more than 112 million unique users and become the leader in Brazil's alternative payments arena, ensuring full interoperability between banks and fintechs in Brazil. Nine out of 10 bank transfers are now made using Pix contactless payment methods, with over one billion transactions per month.
"We were the first payment provider in Brazil to integrate the Pix technology into cross-border transactions. We now operate with Thunes, which processes payments for global players across multiple big techs, digital banks, and international remittance platforms. Through this integration, as an example, we provide faster payments to Airbnb hosts in Brazil from visiting renters who are sending their payment from another part of the world, and we hope further to increase Brazil's overall trade relations with the world," said Luiz Henrique Didier Jr., CEO of Bexs. "With the connections we created, we shortened processes, making them faster and transactions, consequently, cheaper," he added.
"Brazil is a strategic market for Thunes: it is home to a large population of creative and entrepreneurial talent, including freelancers, influencers, and gamers. Many of them are earning income out of the growing Creator and Gig Economy platforms, and rightfully expect real-time payments and high quality of service. Our partnership with Bexs brings exactly that: faster and better payouts that can benefit millions of Brazilians. Without a doubt, this is a highly significant strategic partnership for our company, and we hope to see fast growth coming from it," said Tamer El-Emary, Chief Operating Officer, Thunes.
Thunes sees strong demand for international payments to and from Latin America. Forecasts suggest global cross-border transactions will grow to $156 trillion in 2022, with B2B payments accounting for $150 trillion. Latin America's share of these transactions is expected to increase significantly due to surging global trade in the region. The company's existing network in the region covers over 16 countries, including Argentina, Colombia, Mexico, Peru, and Uruguay.