Pix, the Brazilian signature rapid payments network, is expanding to Argentina.
The initiative seeks to bring the ease of use and rapid execution of Pix to Brazilians in Argentina, simplifying the task of paying for Brazilians tourists.
“The launch of Pix abroad reinforces Banco do Brasil’s international presence and our commitment to innovation in payment methods focused on people’s well-being”
Brazilians with bank accounts can now scan a QR with their bank app of choice to pay using Pix in Argentina. The system manages the background operations, including exchanging Brazilian reais to Argentine pesos and sending the funds to the receiving merchant.
The development might precede similar moves in other countries, as Banco do Brasil is considering expanding this service to additional countries worldwide. Latin America, Europe, and Asia would be the next targets, given the large Brazilian communities in these regions.
Transactions are free for retail users 24 hours a day, and the system offers manageable fees for merchants compared to credit cards and other payment alternatives.
FAQWhat is Pix, and where is it expanding?Pix, Brazil’s rapid payments network, is expanding to Argentina, allowing Brazilian customers to make payments abroad.
Which banks are involved in this new service?The service is launched by Banco do Brasil in partnership with Banco Patagonia, enabling Brazilian bank customers to access Pix payments in Argentina.
How can Brazilians use Pix while in Argentina?Brazilians can now scan a QR code with their bank app to pay using Pix, with the system handling currency exchange and fund transfers automatically.
What future expansions are planned for Pix?Banco do Brasil is considering expanding Pix to other countries worldwide, targeting regions like Latin America, Europe, and Asia, where there are significant Brazilian communities.
