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Itaú Unibanco and Inswitch introduce Pix no mundo

Friday 27 October 2023 15:10 CET | News

Itaú Unibanco and Inswitch have launched Pix no mundo, a solution that allows Brazilians abroad to use the Pix payment system for purchases and transactions across Latin America. 

Developed by the Central Bank of Brazil, Pix is the most widely used payment system in the country, offering instant money transfers in Brazilian reais 24 hours a day. 

How does Pix no mundo work? 

By simply scanning the QR code at the physical point-of-sale, money is directly deducted from the customer's account from any Brazilian bank linked to the Pix system. Behind the scenes, Itaú and Inswitch handle the entire process of currency conversion and international remittance, minimising the need for users or merchants to worry about sending documents or registering, as is common in traditional currency exchange operations.  

This partnership between Banco Itaú and Inswitch aims to drive the expansion of Pix throughout Latin America, enabling more individuals and businesses to conduct online financial transactions securely and efficiently. 

Itaú Unibanco and Inswitch have launched Pix no mundo, a solution that allows Brazilians abroad to use the Pix payment system for purchases and transactions across Latin America.

Pix no Mundo addresses the key challenges in cross-border payments 

  • Instant and efficient currency conversion; 

  • Transaction security and traceability; 

  • Consumer convenient payment option; 

  • Faster reception of funds by merchants, who will have their payment confirmation online and the money received in just 3 business days. 

This launch is intended to bring the favourable results of Pix in Brazil to other countries in Latin America. Pix no Mundo is already available in selected merchants in Uruguay, with plans to expand locally, reach Argentina, Paraguay, and Chile. Additionally, the plan ahead is for the two companies to cover the most relevant countries for Brazilians. With Pix no Mundo, the evolution of cross-border payments is a reality, providing convenience, efficiency, and savings to all those involved in the process. 

About Inswitch 

Inswitch is an Embedded Finance provider serving companies and organisations for the rapid deployment of their own digital financial services. With the Inswitch platform based on APIs, any company can choose the solution for their specific needs. This is carried-out through a go-to-market strategy, using Inswitch's global network for financial operations, banking, credit/debit cards, issuance, and payment. 

About Itaú Unibanco 

Itaú Unibanco's purpose is to promote client centricity and digital transformation. The largest bank in Latin America, Itaú Unibanco is present in 18 countries and has about 70 million customers, among individuals and companies in all segments.

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Keywords: payments , cross-border payments, travel payments, money transfer, POS
Categories: Payments & Commerce
Companies: Inswitch
Countries: Brazil
This article is part of category

Payments & Commerce

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