This licence supports AstroPay's commitment to providing secure, compliant, and user-friendly cross-border payment solutions.
AstroPay is set to offer faster, simpler, and and more efficient financial services for both local and international users and businesses in Brazil, reinforcing its status as one of the platforms for secure cross-border financial management. With AstroPay’s “Pix for Foreigners,” international visitors can make instant payments in Brazilian reais, allowing small businesses to transact conveniently without the high fees typically associated with credit cards.
Furthermore, AstroPay’s global card provides users with a secure way to manage their finances across borders and benefit from competitive exchange rates. The company’s efficient cross-border payment system focuses on offering significant savings for users. For instance, according to the company’s data, travellers spending USD 2,000 on a trip to Brazil can save up to BRL 1,000 compared to traditional credit cards, benefiting from conversion rates as low as 1.5% and a minimal IOF (financial transaction tax) of only 0.38%.
The company has upgraded its local presence by growing its team in Brazil and customising its services to address the specific needs of Brazilians and the expanding community of expats choosing Brazil as their home. This expansion reinforces AstroPay's mission to offer financial freedom to individuals and businesses, allowing everyone to spend, save, and transfer money without constraints.
In December 2024, Astropay introduced a multi-currency wallet that featured a payment card for mobile transactions, as well as savings accounts. The goal of AstroPay was to simplify cross-border payments, which could typically take more than 24 hours incur high fees and require customer support assistance.
Additionally, AstroPay developed a network of merchants that facilitated payments via AstroPay at checkout. When a merchant chose to accept AstroPay, customers could complete transactions directly on the merchant's website or app. AstroPay charged fees for these business-to-consumer (B2C) transactions. At that time, the company planned to subsidise its multi-currency wallet service with the revenue generated from these fees, ensuring customers could benefit from favourable exchange rates for B2C transactions in Latin America.
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