Itaú Unibanco the largest bank in Latin America and Inswitch, leader in embedded finance technology, are launching “Pix no mundo”, which could be translated as “Pix around the world”, a solution that allows Brazilians abroad to use the Pix payment system for purchases and transactions across 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 conducted through this system.
How does Pix no mundo work?
For users, Pix no mundo is incredibly user-friendly. By simply scanning the QR code at the physical point of sale, money is directly deducted from the customer’s account from any Brazilian bank linked to the Pix system. Behind the scenes, Itaú and Inswitch handle the entire process of currency conversion and international remittance, 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 bring the success of PIX in Brazil to other countries in Latin America. Pix no Mundo is already available in selected merchants in Uruguay, with plans to rapidly expand locally, reach Argentina, Paraguay, and Chile, and eventually cover the most relevant countries for Brazilians. With Pix no Mundo, the evolution of cross-border payments is a reality, providing convenience, efficiency, and savings to all those involved in the process.