Brazil’s state-owned bank, Banco do Brasil, has launched a new feature that allows Brazilian customers to use the Pix payment system in Argentina. The agency is considering expanding this feature to more countries to reach Brazil’s large community.
Brazil’s Pix Payments expands to Argentina through Banco do Brasil
Pix, Brazil’s leading fast payments network, is expanding to Argentina.
Brazil’s state-run financial institution, Banco do Brasil, has launched a new service that makes Pix payments available in Argentina to all Brazilian bank customers, even those with accounts at other banks. The feature was built in partnership with Banco Patagonia, an Argentinian institution owned by Banco do Brasil, and will expand Pix outside of Brazil’s borders for the first time.
This initiative aims to provide Brazilians in Argentina with the ease of use and fast execution of Pix, and to simplify payment operations for Brazilian tourists.
Felipe Prince, Vice President of Internal Control and Risk Management at Banco do Brasil, said:
“The launch of Pix abroad strengthens Banco do Brasil’s international presence and commitment to innovating payment methods with a focus on people’s well-being.”
Brazilians with a bank account can now pay using Pix by scanning a QR with their chosen banking app in Argentina. This system manages background operations such as converting Brazilian Real to Argentine Peso and transferring money to the receiving merchant.
This development may come ahead of similar moves in other countries, as Banco do Brasil is looking to expand this service to more countries around the world. Latin America, Europe and Asia will be the next targets given the large Brazilian communities in these regions.
Pix, which Nobel laureate Paul Krugman praised for achieving “what crypto boosters falsely claimed could be delivered through blockchain,” has become Brazil’s most popular payment system, used by more than 160 million individuals and 15 million businesses, accounting for nearly half of all financial transactions in the country.
Transactions are free for retail users 24 hours a day, and the system provides merchants with manageable fees compared to credit cards and other payment methods.
FAQ
What is Pix and where can I scale it?
Pix, Brazil’s fast payments network, has expanded to: ArgentinaBrazilian customers will now be able to pay abroad.Which banks are participating in this new service?
To start the service, bank of brazil In partnership with Patagonia BankBrazilian bank customers will be able to access Pix payments in Argentina.How can Brazilians use Pix while in Argentina?
Brazilians can now Scan the QR code When you make a payment using Pix in your banking app, our system automatically handles exchanges and funds transfers.What expansions are planned for Pix in the future?
Banco do Brasil is considering expanding Pix other countries around the worldtargeting regions such as Latin America, Europe, and Asia, which have significant Brazilian communities.
