One month before the start of the Pix, a new payment system that will allow transactions in less than ten seconds on any day of the week or time, digital banks and fintechs have been preparing to make money on specific products for companies, since no one can be charged to individuals or individual microentrepreneurs, at the decision of the central bank.
The main source of revenue tends to be Pix’s outsourcing. A bank, for example, that is enabled by BC to work with the new payment method, can sell the technology to a retail company that wants to offer its customers the possibility of having a digital account that makes transfers and payments with Pix . This is what is called “banking as a service”. In this example, the bank is classified as a direct participant in the system and the retailer is an indirect participant.
With an eye on this market, the Original Bank expects Pix to boost the banking as a service and multiply by ten the relevance of this product in the institution’s business. Today, this type of service represents 3% of revenue and the expectation is that in three years it will jump to 30%. It is an estimate, however, that will depend on pricing, which in turn will vary according to the movements of the main institutions and the level of competition.
“Looking at the market, few banks are able to do this and we already do it through the concept of open banking. We were born ready for this and that is what we are positioning ourselves in, while others will need to make a whole journey of digital transformation ”, he says. Raul Moreira, executive director of IT, Products, Open Banking and Original Operations.
Customers of this type of service will not only include companies outside the financial sector. Small fintechs, not yet qualified to operate as direct participants in the system, can also be exploited. “We will open platforms for other institutions and we will gain scale with this”, says Moreira, who says that Original already has a relationship with 56 fintechs.
However, it is not a market that all the main direct participants should explore initially. THE Nubank, for example, which leads the registration of security keys for Pix, does not intend to enter this segment yet. “For now, we are focused on serving customers. We may provide platform service, but that is not our focus. It takes resources, time, money. We would have to stop doing other things that matter more to our client, ”says Cristina Junqueira, co-founder of the institution.
In addition to banking as a service, Pix will also be able to create opportunities with the relationship created with companies. Tribanco works to offer credit solutions linked to the new payment method, through receivables from customers. It is a way to differentiate yourself from the market, considering that Pix, itself, will be a commodity. “It will depend on the value that you will add to the customer, especially in the experience. Nobody is going to want a payment and receipt service without it being a legal experience ”, says Thiago Garcia, Tribanco’s Marketing and Products Superintendent.
THE PicPay, Original’s fintech that acts as a digital wallet, also wants to make money with Pix through partnerships with commercial establishments, in the transactions that are made by the application. Although the individual is exempt from paying fees for transfers and payments, the store that receives the money will pay a fee to PicPay, in transactions made for a certain amount, not yet defined by fintech. “Today, what we invoice from transactions in merchants represents 20% of our revenue, but there is a potential to reach 40%”, says Elvis Tinti, commercial director at fintech.
Director of the Brazilian Association of Fintechs (ABFintechs) and founder of Linker, digital bank specialized in corporate clients, Ingrid Barth says Pix will be an “excellent opportunity” for fintechs that offer services to companies. “There are still many payment bottlenecks for small and medium-sized companies, be it for reconciliation or compensation, and the costs are very high and are reflected in the price for the final consumer”, he comments.