How do I pay for things in Brazil? What currency do Brazilians accept? If you are wondering how visitors from overseas can shop for souvenirs, you are in the right place!
PagBrasil, a tech company focused on digital payments, has just launched for international travelers. This solution enables tourists to buy using the Pix System through their own digital wallets or bank apps.
This article will explain:
- What Pix for international travelers is;
- How Pix for international travelers works;
- How tourists, digital wallets, and bank apps can benefit from Pix.
What is Pix? What is Pix for international travelers?
First of all, Pix is the most widely used digital instant payment method in Brazil. Pix for international travelers, also referred to as “Pix for foreigners” or “Pix for tourists in Brazil,” is integrated within the Pix System. It allows tourists from other countries to make purchases using Brazil’s instant payment method, Pix. If the Brazilian merchant accepts payments through this method, they can receive payments from foreigners in the same way.
How does Pix for international travelers work?
Pix for international travelers will be integrated into international digital wallets and banking apps. This integration allows foreign consumers to use Pix to make payments in Brazil. Pix for international travelers involves four key players: the overseas customer, the merchant, the digital wallet or bank, and PagBrasil.
The payment process is simple: the customer accesses their digital wallet or banking app, scans the QR Code generated by the merchant, instantly sees the amount converted from Brazilian Reais to their home country’s currency, and confirms the payment.
Once the customer confirms the payment, PagBrasil immediately transfers the amount in Brazilian reais to the merchant. Funds in US dollars are withdrawn from the partner’s balance—either a bank or digital wallet—and the corresponding amount is debited from the payer’s account (foreign customer).
What are the advantages of Pix for international travelers when using digital wallets or banking apps?
There are three main advantages of Pix for international digital wallets and banks.
1. Higher revenue
The widespread adoption of Pix in Brazil helps more establishments and The widespread adoption of Pix in Brazil encourages more establishments and merchants to accept payments exclusively through this instant method. For instance, it’s common for beach vendors not to accept credit or debit cards and sometimes not even cash due to the lack of change. Therefore, foreign customers can make purchases at any Brazilian business using Pix for international travelers.
2. Opportunity to profit from currency exchange rates
Digital wallets or banks may add a small fee to the transaction during the conversion from Brazilian Reais to the customer’s home currency. This fee may be applied separately or embedded in the exchange rate—similar to how credit card payments made by Brazilians abroad already operate.
3. Enhanced competitiveness
Digital wallets or banking apps that offer Pix are more likely to be chosen by tourist consumers compared to those that do not offer it.
It’s worth noting that in 2023, Brazil welcomed 5.9 million foreign tourists who spent over US$ 7 billion. By 2027, Brazil expects 8 million foreign tourists projected to spend approximately US$ 8.1 billion in the country. These data was provided by the Ministry of Tourism and Embratur.
What are the benefits of Pix for foreign tourists?
Pix for international travelers allows foreign tourists to make purchases anywhere in Brazil. Pix is available even in places that do not accept card payments or cash. Additionally, foreign visitors can receive discounts when using this feature, a common practice among merchants in Brazil to encourage Pix payments. Pix for international travelers also eliminates the need for currency exchange and handling cash, providing more convenience and security for travelers.
Questions?
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