Banco do Brasil launches Pix payment feature in Argentina, eyes expansion
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A security camera is seen damaged by bullet marks at the Banco do Brasil bank in the Uberaba city, in Minas Gerais state, Brazil August 4, 2022. REUTERS/Leonardo Benassato
SAO PAULO, March 6 (Reuters) - Brazil's state-run Banco do Brasil on Friday launched a feature allowing Brazilians in Argentina to make payments through the Pix instant-payments system.
The service, developed with Banco Patagonia, the Argentine lender controlled by Banco do Brasil, enables any Brazilian Pix user - whether or not they bank with Banco do Brasil - to pay for purchases in Argentina, extending Pix beyond domestic transactions.
"The launch of Pix abroad strengthens Banco do Brasil's international operations and underscores its commitment to innovation in payment methods," said Felipe Prince, the bank's vice president for Internal Controls and Risk Management.
Argentina is the first step in expanding payment options for Brazilian users as part of the bank's global strategy, he added.
The initiative is a step toward regional integration, Banco Patagonia CEO Oswaldo Parre said.
Banco do Brasil is also evaluating whether to extend the feature to other countries in the Americas, Europe and Asia, focusing on areas with large Brazilian communities, it said.
HOW IT WORKS
Pix, created by Brazil's central bank, enables instant, round-the-clock transfers and is free for individuals. Around 900 institutions support the system, which has become Brazil's most widely used payment method, reaching over 170 million people, according to the regulator.
Under the new feature, Brazilian customers in Argentina scan a QR code with their banking app to complete purchases in participating merchants. The Argentine merchant is paid in local currency, while the customer is debited in Brazilian reais.
Banco do Brasil handles the underlying transaction, including the peso–real conversion and any applicable taxes, which are shown to the customer on the confirmation screen.
(Reporting by Isabel Teles. Editing by Mark Potter)
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