Brazilian Pix Payment System Gains Popularity in Argentina

The Brazilian Pix payment system has become increasingly accepted in Buenos Aires restaurants, clothing stores, and wine shops.

Brazilian tourists can now pay for goods and services in Argentina using Pix, despite the lack of an official international version. Igor Cunha, a lawyer from São Paulo, used Pix during his recent trips to Buenos Aires.

He paid for a boot on Florida Street and a snack at Aeroparque airport before flying to Uruguay. This convenience has replaced the need for Brazilian tourists to carry large amounts of Argentine pesos.

Leandro Gonzalez, manager of the Alpataco wine store in Recoleta, has noticed a significant shift in payment methods. In August, 60% of their sales to Brazilian customers were made using Pix.

The store partnered with Argentine fintech KamiPay to facilitate these transactions. KamiPay’s app converts the purchase amount from Argentine pesos to Brazilian reals using the parallel exchange rate.

It then generates a QR code for Brazilian customers to scan and pay using their Brazilian bank apps. This process is quick and efficient, providing immediate information on spending.

Revolutionizing Cross-Border Payments

Nicolás Bourbon, kamiPay’s co-founder, explained that merchants receive the payment in digital dollars within seconds. These can be converted to Argentine pesos at any time, even automatically.

The service is free for businesses, with no commission charged on sales. Over 1,000 establishments and small entrepreneurs have registered with KamiPay to accept Pix payments.

By August 2023, 170,000 Brazilians had made Pix transactions in Argentina through kamiPay. The company’s business model relies on currency exchange at market rates with a small margin.

Brazilian fintech Beeteller also offers Pix services to Brazilians abroad. Their solution is available at about 40,000 points of sale in Argentina and Paraguay. In Argentina, Brazilians can use Pix at businesses partnered with NaranjaX fintech.

In Paraguay, the service is available through Ueno Bank partners. Beeteller’s international Pix service follows the same rules and operating procedures as Pix in Brazil.

This includes adhering to Brazilian time zone restrictions and transaction limits. As a result, Pix payments cannot be made after 8 PM Brasília time, even in different time zones.