Digital bank Nubank has acquired local development company Spin Pay, which uses the country’s fast-growing currency PIX.
Spin Pay works with more than 220 merchants from different regions, including supermarkets, electronics, and airports, to help them accept PIX payments.
Managed by Brazil’s largest bank, PIX announced in November that it will allow citizens, businesses, and governments to make 24/7/365 instant payments via mobile phones, online banking, and ATMs that use QR codes or customers who receive such information over the phone numbers and emails.
The project was successful, raising more than a billion dollars in six months.
Once approved, Spin Pay will operate independently as an independent company, but “in line with Nubank’s plans”.
The initiative adds another component to the Nubank package, which started with important credit card products. This includes personal loans, life insurance, small business products, express payment services, and rental homes.
More than 40 million buyers were announced last week that lenders are looking for $ 55 million-plus photos if they are listed in the US soon.