SWIFT Connects Bizum, PayID and Pix for Cross-Border Payments, Boosting EU–Latin America Trade

SWIFT has launched a cross-border payment gateway enabling users of Bizum, PayID and Pix to send money internationally using only a mobile number or email address, a move expected to streamline transactions between Europe and Latin America.

The initiative, announced in a SWIFT press release, allows consumers to bypass traditional requirements for account numbers or bank details when making cross-border payments. This simplification is designed to enhance efficiency for both individuals and businesses engaging in international trade.

For European users of Bizum, the Spanish mobile payments platform, and Latin American users of Pix, Brazil’s instant payment solution, the gateway offers a new level of interoperability. PayID, an Australian service, is also included, underscoring the global ambitions of the system.

The ability to initiate transfers with just a mobile number or email could lower barriers for small businesses and consumers, who have historically faced friction and delays in cross-border transactions. According to SWIFT, this could lead to higher transaction volumes and reduce overall costs, reinforcing the flow of remittances, e-commerce, and trade between EU and Latin American markets.

The development aligns with broader trends in the global payments industry, where user experience and speed are increasingly shaping competitive advantage. For European exporters and Latin American importers, faster and simpler payments can support growth, especially for SMEs and digital commerce platforms.

However, the new system faces potential regulatory challenges. Differences in payment oversight, anti-money laundering rules and data privacy standards between jurisdictions may complicate widespread adoption. SWIFT’s ability to ensure compliance across regions will be closely watched by regulators and market participants.

There are also adoption hurdles, particularly among consumers unfamiliar with newer payment methods. Continued education and support from banks and payment service providers will be crucial to build trust in international mobile payments.

If successfully adopted, the SWIFT gateway could mark a step-change in how money moves between Europe and Latin America, supporting deeper economic integration and enhancing the attractiveness of both regions as trading partners.