Nubank intends to keep current Spin Pay customers and expand the portfolio to bring the ease of PIX to even more consumers and commerce platforms. The fintech works in partnership with more than 220 retailers from different sectors, such as department stores, electronics, and airlines.
PIX is a payment method in Brazil for instant direct bank transfers, which is built and owned by the Central Bank and operated by the Brazilian banks, digital accounts and wallets. According to llabsnews.com, PIX, has surpassed the use of other means of payment such as TEDs (a type of bank transfer in Brazil, which is faster because it is done during business hours, but more expensive) and DOCs (a banking transfer that works in business days, from one day to another) combined.
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