Pix will no longer be limited to Brazilians

Pix will no longer be limited to Brazilians
Pix will no longer be limited to Brazilians

Hey Payments Fanatic!

Pix will no longer be limited to Brazilians ๐Ÿ‡ง๐Ÿ‡ท: foreigners will also be able to use the Instant Payment feature. It's called: ๐—ฃ๐—ถ๐˜… ๐—ฅ๐—ผ๐—ฎ๐—บ๐—ถ๐—ป๐—ด

PagBrasil, a FinTech based in Porto Alegre with offices in Sรฃo 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 FinTechโ€™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 touristโ€™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.

Pix will no longer be limited to Brazilians

"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 below๐Ÿ‘‡

Cheers,

Marcel


INSIGHTS

How Do Instant Ad Hoc Payment Costs Impact Small SMBs?

Check out this great report by PYMNTS and Ingo Payments to find out๐Ÿ‘‡


PAYMENTS NEWS

๐Ÿ‡ธ๐Ÿ‡ฌ Thunes, the global money movement innovator, announced Ruwan De Soyza as General Counsel to oversee all legal, compliance and secretariat affairs as the company accelerates growth worldwide. De Soyza will lead a team across a broad range of practice areas.

๐Ÿ‡ง๐Ÿ‡ท Pix will no longer be limited to Brazilians: foreigners will also be able to use the Instant Payment feature, which is called: ๐—ฃ๐—ถ๐˜… ๐—ฅ๐—ผ๐—ฎ๐—บ๐—ถ๐—ป๐—ด. The FinTechโ€™s solution is a platform integrated with foreign banks and digital wallets.

๐Ÿ‡ฎ๐Ÿ‡ณ Axis Bank partners with Mastercard to launch NFC Soundbox. The new soundbox will act as an all-in-one solution that will allow the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments, and will be powered with 4G + Wifi capability.

๐Ÿ‡ช๐Ÿ‡บ Swift has today announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs.

๐Ÿ‡ธ๐Ÿ‡ช Klarna's Q1 2024 Results are in, announcing a ๐—ฝ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ start to 2024. Check out the Key Highlights here

๐Ÿ‡บ๐Ÿ‡ธ Payments vets launch USD stablecoin. FinTech company Stable.com announced the launch of USD3, its 1:1 backed stablecoin, declaring its determination to disrupt the current stablecoin landscape and bring serious competition to existing industry players.

๐Ÿ‡ฌ๐Ÿ‡ง payabl. partners with Zimpler to accelerate instant payments growth. With the new direct integration to Zimpler, payabl.โ€™s merchants can now offer customers the option to pay via instant bank transfers at checkout. Read more


GOLDEN NUGGET

What is a Real-Time Payment (RTP)? And why is it so important?

Let me explain:

What is a Real-Time Payment (RTP)?

Want your message in front of 100.000+ FinTech fanatics, founders, investors, and operators?

Shoot me a message on LinkedIn.