The Brazilian system expects this method to be one of the motivations for spreading open finance, an evolution of open banking, among Brazilians. The Payment Initiation License was established by the Central Bank as part of the Open Banking Implementation Agenda and authorises companies to initiate payments and transfers to customers.
In more detail, the payment initiator allows the user to make a payment or transfer via Pix within the platform, without having to go into the bank app to carry out the operation. This way, Mercado Pago customers will be able to transfer funds via Pix to their Mercado Pago account directly through the company’s app. Before fintech became the initiator of the payment, the customer had to go into the bank’s application to make this process.
After that, the initiator will allow the user to perform other operations in addition to Pix and be able to make purchases in ecommerce from the Mercado Pago account. Company representatives explained that whoever makes the payment opens doors to other possibilities of use and transforms the buying and selling experience.
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