Pix will no longer be limited to Brazilians

Hey Payments Fanatic!

Pix will no longer be limited to Brazilians 🇧🇷: foreigners will also be able to use the Instant Payment feature. It's called: 𝗣𝗶𝘅 𝗥𝗼𝗮𝗺𝗶𝗻𝗴

PagBrasil, a FinTech based in Porto Alegre with offices in São Paulo, Barcelona, and Singapore, will launch a feature in June that allows foreigners to make Pix payments in Brazil using their own bank or digital wallet.

Named Pix Roaming, the FinTech’s solution is a platform integrated with foreign banks and digital wallets. This integration allows consumers to use Pix in Brazil.

From the foreign customer's perspective, the payment will be made using the Pix QR Code method within the system they already use in their home country.

The Brazilian establishment charges in reais, and the amount is instantly converted into the foreign tourist’s currency after they scan the QR code with their app.

Once the payment is confirmed, PagBrasil settles the amount in reais with the establishment, using the funds in the foreign payer's digital wallet or bank.

"The exchange rate is transparent for the consumer. They see immediately how much they are paying in reais and what it equates to in their local currency, like the Uruguayan peso," explains Ralf Germer, co-founder of PagBrasil.

PagBrasil is in talks with digital wallets and banks in Latin America and Central America.

In addition, their first confirmed partner is the Peruvian digital wallet, B89.

Peru is a key partner. In 2023, 100,000 Peruvian tourists visited Brazil, with 35,594 visiting in early 2024.

This update comes at an opportune time.

Brazil saw a 7.4% increase in the number of international tourists in the first four months of 2024 compared to the previous year, with 2.92 million tourists.

Tourists spent around $6.9 billion in Brazil in 2023, according to Embratur (the Brazilian Agency for International Tourism Promotion).

I think it's a pretty cool feature. Can't wait to try it when I'm around!

What do you think? Let me know in the comments below👇

Cheers,

Marcel

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