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Banco do Brasil, a Brazilian state-controlled bank, launched a new feature allowing Brazilian customers to leverage the Pix payments system in Argentina. The institution is considering expanding this functionality to more countries to reach large Brazilian communities.
Brazil’s Pix Payments Expand to Argentina Through Banco do Brasil
Pix, the Brazilian signature rapid payments network, is expanding to Argentina.
Banco do Brasil, a Brazilian state-controlled financial institution, has launched a new service that allows all Brazilian bank customers, even those with accounts in other banks, to leverage Pix payments in Argentina. The feature, built in partnership with Banco Patagonia, an Argentine institution under control of Banco do Brasil, expands Pix outside Brazil’s borders for the first time.
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.
Felipe Prince, Vice President of Internal Controls and Risk Management at Banco do Brasil, stated:
“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.
Praised by Nobel Prize Laureate Paul Krugman for achieving “what cryptocurrency boosters claimed, falsely, to be able to deliver through the blockchain,” Pix has become Brazil’s most popular payment system, used by over 160 million individuals and over 15 million businesses, and accounting for almost half of all financial transactions in the country.
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.
FAQ
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What 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.