Brazilian Banks Use GenAI to Bring Finance to WhatsApp

Hello FinTech fanatic!

Another breakthrough comes from the Pix ecosystem in Brazil: generative AI applied to payments. Sending money in Brazil is now as easy as sending a message.

Brazilian banks such as PicPay, Itaú, and Nubank are using generative AI to allow users to transfer money directly within WhatsApp.

It's a seamless, fast, and fully integrated process into the chat experience that more than 90% of Brazilians use daily. There's no longer a need to open a banking app. This technological leap takes Brazil's Pix system even further.

In 2023 alone, 56 billion transactions were completed through Pix. As a result, mobile banking adoption reached 90%, placing Brazil ahead of the US and the UK.

What's new: users can now simply send a message with the payment amount and a Pix key, or even a photo of a QR code. They're briefly redirected to authenticate the transaction and then see the confirmation directly in the chat. It all feels like a single, fluid conversation.

Brazil is redefining what digital payments and mobile banking look like for the rest of the world. How would you feel about paying by text? 🤳🏼

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By Marcel van Oost