By rolling out Biometric Pix, planned for 28 February 2025, Belvo, which operates across Latin America, aims to further improve the instant payment experience in Brazil, providing scaled security, speed, and convenience for users and businesses. Developed by the Central Bank of Brazil and in testing since November 2024, the solution includes financial institutions and ITPs. Belvo is set to launch Biometric Pix in compliance with the regulatory framework instituted by the Central Bank.
Besides launching Biometric Pix, Belvo also introduced an employment data aggregation solution for customers and partners in Colombia back in May 2024. The Open Finance service was set to enable financial institutions and companies in the traditional and non-traditional financial sectors to connect directly with their customers’ data in the Integrated Contribution Settlement Form. Additionally, the solution was intended to facilitate the reduction of the financial inclusion gaps present in the country in access to credit.
By leveraging Biometric Pix, payers are set to be able to authorise transactions utilising their device’s biometric authentication or fingerprint scanner, in turn mitigating the need to enter passwords or access their banking app. With the new functionality, Belvo plans to increase convenience while also minimising fraud risks and unauthorised transactions. The solution can be used across multiple sectors, including retail, ecommerce, and iGaming and sports betting, among others.
Moreover, Biometric Pix can be embedded into mobile wallets, enabling Tap to Pay transactions on POS terminals, similar to debit and credit cards. When it comes to online purchases, payments can be completed with a click, removing the need to scan QR codes or leverage the Pix ‘Copy and Paste’ function in banking apps. The process takes place directly on the merchant’s website, in turn, optimising transactions and making them more efficient.
Belvo’s solution intends to further improve the pay-by-bank experience, providing a faster and more convenient way to pay. Even if both services allow users to conduct payments directly from their bank accounts, Biometric Pix enables customers to connect and tokenize their accounts, storing them securely for upcoming use. Upon completing the setup process, payments require only a biometric validation, eliminating the need to re-enter details or log into banking apps. In addition to delivering this instant payment solution, Belvo offers its Infrastructure-as-a-Service (IaaS), supporting businesses in adopting Biometric Pix without burdening them with complex technological investments. Through this, market participants can integrate the capability securely, utilising Belvo’s regulated infrastructure and knowledge.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now