Praxis Tech has unveiled the industry’s first PIX Cascading feature as an easy-to-integrate solution for merchants of all sizes. The company is now making this feature widely available to businesses connected to the Praxis Platform. It substantially increases transaction success rates when accepting payments in Brazil.
The Central Bank of Brazil introduced PIX as the instant payment system. It now accounts for the vast majority of merchants payments of Praxis in the country. The feature improves transaction approval rates by providing a single endpoint. This endpoint allows users to request a PIX QR code from multiple payment providers. If a request fails, it automatically attempts the next provider until it successfully generates a QR code for payment.
Chief Technology Officer of Praxis Tech, Guy Karsenti, stated that their PIX Cascading feature signifies a major advancement in payment technology for the Brazilian market. They have significantly increased PIX transaction approvals by leveraging their extensive PSP network and implementing advanced routing rules. This approach maximizes revenue for merchants while enhancing the customer deposit experience.
This suite includes a range of industry-leading features designed to enhance merchant approval and conversion rates.
These features include tools to expand global currency support on checkout and deposit pages, 3DS Cascading for customer verification when rerouting card payments across multiple PSPs, retry mechanisms for insufficient fund declines, and open banking alternatives. Additionally, the recently launched Retry with APM feature prompts customers to use an alternative payment method if their initial attempt is declined.
