• Nium partners with OZ Câmbio to enable instant payments for Brazilian businesses to global markets. 

• This collaboration supports SMEs and enhances transparency and compliance. 

Nium, a worldwide payment solutions provider, has joined forces with OZ Câmbio to introduce an instant payment system aimed at helping Brazilian enterprises send money to key international markets. Using Nium’s extensive global infrastructure, OZ Câmbio will facilitate seamless payments from Brazil to prominent economies like China, Hong Kong, the United States, and the United Kingdom.

The initial collaborative endeavor will involve creating a customized platform for small and medium-sized businesses (SMEs), with plans to integrate more offerings in the future. This partnership aims to expedite fund transfers while ensuring clear visibility, trackability, and automated adherence to regulations.

Bridging the Gap for Brazilian SMEs

Given the situation in Brazil, where conventional banks and financial establishments typically overlook small and medium-sized enterprises (SMEs), the past decade has witnessed a surge in fintech innovations. This surge has not only accelerated global payments but has also brought down transaction expenses. Presently, the region hosts over 21 million SMEs, making them the primary focus of digital banks and lending fintech companies.

According to Volker Steinle, SVP and General Manager, Americas Region for Nium,

”Nium and OZ will serve SME customers desperately in need of payment solutions that are fast, safe, affordable, and compliant for each region.”

OZ CEO Rodrigo Xavier stated,

“Through our new partnership, Nium provides our customers with a new payments rail that knocks out a lot of the time, complexity, and cost of conducting global business.”

Rising Bank Account Ownership

According to data from the Central Bank of Brazil, the count of legal entities possessing bank accounts has experienced an approximately 35% increase between 2018 and 2022, surging from 11.4 million to 17.5 million. Brazilian importers predominantly engaged in business with Asian exporters, constituting the largest business sector. Nium and OZ Câmbio’s services are poised to enhance transactions and render them more cost-effective, as indicated by Nium’s representatives.

Brazil’s inflation over the past 12 months attained 3.4% by mid-June, as the IBGE statistics agency reported. This figure slightly exceeded the market’s anticipated rate of 3.36% yet marked a decrease from May’s 4.07%. Notably, this is the most subdued inflation rate since September 2020.

As outlined in a report by McKinsey & Company, alterations caused by both the pandemic and the economic landscape have induced shifts in global expenditure tendencies. This is exemplified by a 6% increase in non-cash transactions from 2019 to 2020. The adoption of real-time functionality, propelled by the surge in mobile wallet usage, underwent a boost in Brazil. The nation introduced its native real-time payment system, PIX, to foster inclusivity in banking services and consumer interactions.

In 2021, as PIX gained traction, Brazil documented a staggering 8.7 billion instances of real-time transactions. This impressive figure is projected to have resulted in a substantial cost reduction of approximately USD 5.7 billion for individuals and businesses. In addition, alternate payment approaches such as Buy Now, Pay Later (BNPL) and digital wallets witnessed heightened adoption rates. Furthermore, using e-wallets has contributed to mitigating fraud risks in the country by tokenizing the intricate specifics of individuals’ financial identities.