Technology

Brazilian fintechs starts offering withdrawal service without ATM machines

The withdrawal will be available in selected stores and markets

Brazilian fintechs starts offering withdrawal service without ATM machines
Brazilian fintechs starts offering withdrawal service without ATM machines. Photo: ShutterStock

After solving the Brazilian problem with credit and debit card taxes, fintechs are now targeting to fulfill another gap: the withdrawal. By using ATM machines, the taxes for withdrawals in Brazil can reach BRL 6.50 and, according to the media outlet O Globo, cash still is the favorite payment method of 60% of Brazilians. That’s why fintechs are putting efforts to improve this service.

Officially launched just one month ago, Saxperto is a Brazilian startup that has presented to the market a solution to connect fintechs to physical stores and will be responsible for making this project went out of the paper, according to information from O Globo. 

Regarding this new solution, all the withdrawal process could be made without the need of a card or an ATM machine, the consumer would be able to make a withdrawal in selected physical stores and markets with fewer taxes by using a QR code. To clients, it means less bureaucracy and fair taxes and, on the other way, to merchants, it means not only a new method to increase business profits but also a tool to attract a bigger audience to the store. 

“The owner takes benefit from the remuneration rate and also with more people frequently going to his business. They are people who end up buying something,” stated Tiago Godoi, Saxperto’s founder, in an interview for O Globo.  

The main target of this action is the population of small Brazilian cities, that still keep the habit to use cash as its main payment method, even for those who actually have a banking account. In these small towns, the solution already is being tested and is registering its first well-succeded business cases, such as the story of Pierre Santos da Silva, a store owner from a city with 53,000 people that saw the audience on its business growing by 30% after partnering with Saxperto to offer the withdrawal service. 

Saxperto already is connected to PicPay, Mercado Pago, Nubank, PagBank, and Agibank in Brazil.