Wise Expands Services- Direct Money Transfers to Brazil

Wise Expands Services- Direct Money Transfers to Brazil. Wise, the London-based fintech giant, has announced an expansion of its services to allow global consumers and businesses to send money directly to Brazilian businesses in 70+ currencies. This move underscores Wise’s commitment to tapping into the vast opportunities presented by Brazil’s evolving financial landscape.

Yves Berbert, the country manager for Wise, emphasized Brazil’s status as a key market, describing it as a “gold mine of opportunities.” Wise, known for its digital financial platform, enables users to transfer money from Brazilian banks to the Wise app and convert it into various currencies, including the U.S. dollar, euro, and pound sterling.

Berbert revealed Wise’s strategic goal to extend its services to legal entities in Brazil, a step that has already been successfully implemented in the U.S. and Europe. While Wise has primarily catered to individual clients in Brazil, the company has now significantly increased its workforce in the country, quadrupling the number of employees to meet the demands of this priority market. Wise now boasts a team of 100 professionals in Brazil, contributing to its global workforce of over 5,000.

Wise Expands Services- Direct Money Transfers to Brazil

Highlighting Wise’s adaptability, Berbert noted the integration of the PIX instant payment system since late 2022. He also emphasized the convenience of PIX, operating 24/7 and allowing users to make instant transfers and access their funds at any time and from anywhere in the world.

Moreover, Wise’s move aligns with broader trends in Brazil’s financial sector, notably the rising popularity of the PIX system. A McKinsey survey revealed that 14% of consumers now consider money transfers, including PIX, as their primary payment method, surpassing the 10% preference for cash. Central Bank data further indicates that PIX transactions have outpaced traditional remittances by a factor of 11 in 2022, totaling over 24 billion transactions.

With 18% of respondents replacing traditional transfers with PIX and an impressive 66% expressing a preference for PIX over cash, Wise’s expansion in Brazil positions the company strategically within the evolving digital payment landscape. Lastly, the move reflects Wise’s commitment to meeting the changing needs of consumers and businesses in one of its top markets.

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