Dmytro Rukin, CEO of LaFinteca: Beyond Pix. What LATAM Can Learn from Brazil

Fintechs are driving global economic transformation, and in Latin America, Brazil has led the way with its instant payment system, Pix. This model has promoted financial inclusion and demonstrated how technology can simplify payments. However, as Dima Rukin, CEO of LaFinteca, notes, the success of Pix in Brazil cannot simply be copied across LATAM—it requires tailored, localized strategies for each country’s unique context.

Pix: Revolutionizing Brazil's Payment System

Since its launch in 2020, Pix has transformed how Brazilians make payments, enabling instant transfers without commissions. Its simple, user-friendly design has been crucial for adoption, even among those with little tech experience. By 2024, 63% of Brazilians used Pix at least once a month, and over 227 million daily transactions reflect growing user trust.

Regulation as a Key Factor

Pix’s success is underpinned by a strong regulatory framework. Brazil's Central Bank ensured transparency and interoperability between payment platforms, benefiting both large corporations and small businesses. This regulatory environment has fostered trust and contributed to broader financial inclusion, showcasing how effective regulation can support innovation.

Lessons for LATAM: Adapt, Don’t Copy

While Pix has been a success in Brazil, Dima emphasizes that replicating it in other LATAM countries isn't feasible without adapting it to local conditions. Variations in infrastructure, internet access, and socioeconomic factors mean that solutions must be tailored to each context. For Dima, the key challenge is not just adopting new technologies, but ensuring they are accessible to all users, regardless of their tech background. This is central to LaFinteca's mission to provide businesses with solutions that meet local needs.

Conclusion

Pix's success illustrates how digital payment innovations can transform economies. However, Dima stresses that LATAM's progress depends on adapting solutions to each country's realities. 

At LaFinteca, we focus on delivering tailored, accessible solutions that reflect the diversity of the Latin American market.

Also read my thoughts:

• From Banks to Wallets: Are Apps the New Financial Home?
• A fintech’s perspective on building resilience in LATAM
• How to create a successful product