Pix expands its international presence and is now accepted in establishments in eight new countries. Through partnerships between Brazilian fintechs and international machine accreditors, Brazilian tourists will be able to use the payment method abroad and avoid excessive IOF charged on international purchases with credit cards. The modality is now available in establishments in Chile, Argentina, Uruguay, Paraguay, USA, Portugal, Spain and France.
Pix operations will be possible through customers' own financial applications. Nonetheless, Banco do Brasil emphasizes that there is no “international pix” official, maintained by the Brazilian government. Transactions are carried out by accredited exchange companies. eFX calls are responsible for converting values in real time during transactions.
The compatibility of this payment method, although, does not yet cover all establishments in the countries. Use is concentrated, mainly, in tourist destinations and popular networks among the Brazilian public. In South America, coverage includes hotels, restaurants, ski centers and border shops in Chile, Argentina, Uruguay and Paraguay. In the United States and Europe, the service is available in stores in large cities, like miami, Orlando, Lisboa, Mothers and Paris.
How payments with Pix work abroad
The payment process follows a similar dynamic to that used in Brazil. At the time of purchase, the establishment's machine generates a QR Code, which is scanned by the customer through their bank's app. Before confirmation, the system displays the final purchase value already converted into reais, with taxes included. After authentication by password or biometrics, the intermediary company carries out the currency conversion, passing the payment to the merchant in the local currency, whether in pesos, dollars or euros.
International purchases made with a credit card are subject to a charge. 5,38% Tax on Financial Operations (IOF), beyond the dollar exchange rate tourism. But, Pix payments use commercial exchange rates, generally more advantageous, and enjoy reduced taxation. In addition to this economy, The modality also reduces the need for tourists to carry cash during the trip.
Among the partnerships already signed by fintechs are PagBrasil and VirtualPOS, not Chile; Banco do Brasil and Banco Patagonia, to Argentina; a Getnet, in Uruguay; and Verifone, us United States. The international settlement structure also has the support of BS2 and the Remessa Online platform.
