SAO PAULO – Brazil’s government-owned banking giant has taken its popular instant payment technology across borders for the first time, introducing the service in Argentina on Friday.
Banco do Brasil partnered with its subsidiary Banco Patagonia to create a system that lets any Brazilian using the Pix payment platform make purchases in Argentina, regardless of which bank they use back home. This marks the first time the widely-used Brazilian payment system has operated outside the country’s borders.
“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.
Prince noted that Argentina serves as the opening move in a broader plan to expand payment convenience for Brazilian customers worldwide.
Banco Patagonia’s chief executive Oswaldo Parre described the partnership as advancing regional financial integration between the neighboring South American nations.
The Brazilian banking institution is now considering whether to roll out similar services in other regions across the Americas, Europe, and Asia, particularly targeting areas with significant Brazilian populations.
THE PAYMENT PROCESS
Brazil’s central banking authority created Pix to facilitate immediate, 24-hour money transfers at no cost to individual users. Nearly 900 financial institutions now support the platform, which has grown into Brazil’s dominant payment method with more than 170 million users nationwide, according to regulatory data.
The cross-border version works through QR code scanning – Brazilian customers use their banking applications to scan codes at participating Argentine businesses. While merchants receive payment in Argentine pesos, customers see charges in Brazilian reais on their accounts.
Banco do Brasil manages all backend operations, including peso-to-real currency exchanges and applicable fees, with full cost transparency displayed to customers before they confirm transactions.
