Itaú Unibanco, the largest bank in Latin America, and Inswitch, a leader in embedded finance technology, are launching “Pix around the world,” which could be translated as “Pix worldwide,” a solution that allows Brazilians abroad to use the Pix payment system for purchases and transactions throughout Latin America as if they were in Brazil.
Pix, developed by the Central Bank of Brazil, is the most widely used payment system in the country, offering instant money transfers in Brazilian reais 24 hours a day. In August 2023 alone, 3.8 billion transactions were carried out through this system.
How does Pix around the world work?
For users, Pix around the world is incredibly easy to use. Just scan the QR code at the physical point of sale for the money to be debited directly from the customer’s account at any Brazilian bank linked to the Pix system. Behind the scenes, Itaú and Inswitch handle the entire currency conversion and international remittance process, eliminating the need for users or merchants to worry about sending documents or registering, as is common in traditional currency exchange operations.
This partnership between Banco Itaú and Inswitch is driving the expansion of Pix throughout Latin America, enabling more individuals and businesses to conduct online financial transactions quickly, securely, and efficiently.
This launch aims to take the success of Pix in Brazil to other countries in Latin America. Pix around the world is already available at selected merchants in Uruguay, with plans for rapid local expansion to reach Argentina, Paraguay, and Chile, and eventually cover the most relevant countries for Brazilians. With Pix around the world, the evolution of cross-border payments is a reality, providing convenience, efficiency, and savings for all parties involved in the process.