The Brazilian central bank-backed payment method Pix is expanding, with Portugal and Spain being the first two markets to offer its service to tourists.
Pix will soon be able to be used for those Brazilian’s travelling to both countries by tapping into the instant payments systems remotely, enabling the same payment benefits they would experience in their home country.
This is enabled via a partnership between Pix sub-acquirer PagBrasil and Wipay. Both aforementioned companies process payments in Portugal and Spain and will facilitate Pix payments for travelling tourists.
Alex Hoffmann, CEO of PagBrasil, stated: “The alliance with Wipay is a great opportunity to bring one of the world’s most innovative payment methods to other countries and facilitate transactions for Brazilian tourists.
“PagBrasil wants to be where Brazilians are – we were the first Brazilian company to enable Pix outside Brazil in May 2023.”
Pix announced plans to offer its services internationally after becoming a household success since its launch in 2020.
The payment method has resulted in 39% of payments in Brazil since its launch due to its seamless and efficient transaction speed.
Hoffman added that the success of Pix can also be attributed to the “financial advantage compared to credit cards”, and that “Brazilians have the transparency and security that the amount paid is final and definitive”.
Along with Portugal and Spain, the Netherlands has been alluded to as Pix’s next international expansion territory.
Last February, Banco Central do Brasil – Brazil’s central bank – opened talks regarding Pix’s international expansion as a means to provide more efficient means of cross-border payments.
Pix has already cemented its presence as ‘International Pix’ in South American countries such as Argentina and Chile, but it may see its next growth phase in Europe, a region that has waived its flag on payment innovation and secure compliance.
