Pix has established itself as one of the leading digital payment methods across the globe, and to ensure more countries continue to accept the payment method, Peruvian fintech, B89 has partnered with PagBrasil, the cross-border solutions developer for Pix.
The new partnership will allow Brazilian citizens, either tourists or residents, to use Pix International and pay in Brazilian reais in Panama, Colombia, Peru, Bolivia, Paraguay, Venezuela, and Ecuador. With a guaranteed exchange rate at the time of purchase, the uncertainty in exchange rate fluctuations is eliminated.
By integrating Pix International, merchants in Latin American countries outside of Brazil can offer their Brazilian customers an optimised payment experience. This will attract and retain an important consumer segment.
Key benefits include the ability for merchants to integrate Pix as a payment method in their app, website, or physical point of sale. Moreover, Pix offers lower fees compared to traditional payment methods, with no risk of chargebacks, helping merchants reduce operating costs. Furthermore, transactions made through Pix Internacional are completely secure, ensuring protection for both customers and merchants.
“At B89, we are committed to creating cost-efficient, agile, and borderless financial solutions. This collaboration strengthens our mission to provide merchants with innovative tools to enhance their profitability and customer experience,” said Amparo Nalvarte, CEO of B89.
Alex Hoffmann, co-CEO and co-founder of PagBrasil emphasised: “At PagBrasil, we want to help create a more connected and efficient financial ecosystem for Brazilians – no matter where in the world they are. The partnership with B89 represents an excellent opportunity to expand Pix’s reach globally, consolidating it as one of the most innovative payment methods in the world. This process began in May 2023 when we became the first Brazilian company to enable the use of Pix outside of Brazil.”
Attracting Brazilian tourists in Peru
Between January and July 2024, Peru received 107,793 Brazilian tourists, a 71 per cent increase compared to the same period in 2023, according to Promperú. This growth positions Brazil as the fifth-largest source market for tourists to Peru, surpassing pre-pandemic levels when the country received 100,167 Brazilian visitors during the same period in 2019. Additionally, the average spending per Brazilian tourist in Peru in 2023 was $878 during their stay.
This significant increase in Brazilian tourist arrivals is a positive sign for Peru’s tourism sector and represents a great potential market for the adoption of Pix Internacional.
For Peruvian merchants, adopting Pix Internacional will not only allow them to attract this growing segment of Brazilian tourists but will also optimise the costs associated with traditional payment method fees, making them more competitive. This integration will benefit both tourists and merchants, who will enjoy a more streamlined and smoother payment experience.
Understanding Pix
Pix, the Brazilian instant payment system, allows 24/7 instant transfers at no cost to the user, with high security. Consumers can use it to make transactions with merchants and service providers. Since its introduction by the Central Bank of Brazil in 2020, Pix has become a habitual payment method in the largest country in South America. It enables over 167 million Brazilian users to make e-commerce and in-store transactions using their mobile phones.
When paying, the consumer simply selects Pix and scans a QR code or enters a Pix code in their account’s mobile app to complete the transaction.
PagBrasil expects the total volume of transactions made with Pix Internacional to reach $1.2billion by 2025.
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