Brazil is about to expand its instant payment system, Pix, to Argentina. The initiative came from Fiserv, an American fintech, which promises to open new possibilities for Brazilians traveling to the neighboring country.
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Currently, Brazilians visiting Argentina need to go through the currency exchange process, which can generate additional costs and uncertainties regarding fluctuating exchange rates.
With the possible arrival of Pix in Argentina, this scenario tends to change. You payments will be done through a QR Code, with automatic conversion to reais, including exchange rates and tax charges.
This new form of payment would bring several advantages regarding tourism to Argentina. First, it would eliminate the need to buy Argentine dollars or pesos at exchange offices, reducing the exchange rates involved and making financial planning easier.
Furthermore, Argentine merchants will not need to have an account in Brazil or make transactions additional fees to receive payments from Brazilians, making the purchase process more efficient and attractive.
This advancement is just one part of the larger project known as Nexus, also called “Pix International”. The idea aims to facilitate transactions between different countries and currencies, which can be carried out in up to one minute.
The system is currently being tested in 60 countries by the Bank of International Settlements (BIS), considered “the central bank of central banks”.
The Nexus is in the proof-of-concept phase, with tests taking place across Malaysian, Singaporean and Eurozone payment systems.
The Central Bank of Brazil participates as an observer, indicating a clear interest in the success and implementation of this technology.
The arrival of Pix in Argentina is a significant achievement for those who undertake efforts to facilitate international transactions.
It promises to revolutionize the way Brazilians make payments during their trips, creating a more efficient and cost-effective system. How this novelty will change the travel experience for Brazilians in Argentina, only time will tell.
