Itaú Unibanco and Inswitch introduce 'Pix no mundo': the innovative solution for cross-border payments in Latin America

MIAMI, USA, Oct. 24, 2023 /PRNewswire/ -- Itaú Unibanco the largest bank in Latin America and Inswitch, leader in embedded finance technology, are launching "Pix no mundo", which could be translated as "Pix around the world", a solution that allows Brazilians abroad to use the Pix payment system for purchases and transactions across Latin America as if they were in Brazil.

Pix, developed by the Central Bank of Brazil, is the most widely used payment system in the country, offering instant money transfers in Brazilian reais 24 hours a day. In August 2023 alone, 3.8 billion transactions were conducted through this system.

How does Pix no mundo work?

For users, Pix no mundo is incredibly user-friendly. 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, eliminating 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 is driving the expansion of Pix throughout Latin America, enabling more individuals and businesses to conduct online financial transactions quickly, securely, and efficiently. Additionally, Pix no Mundo addresses the key challenges in cross-border payments:

• Instant and efficient currency conversion.
• Transaction security and traceability.
• A consumer convenient payment option.
• Faster reception of funds by merchants, who will have their payment confirmation on line and the money received in just 3 business days, in contrast to the extended timelines associated with other payment methods.

"This launch marks a milestone in our journey and an ongoing commitment. A product that not only meets the market's needs, but also marks a new moment in the customer's experience with pix - with a journey that brings agility to the customer's life", says Eric Altafim, Director of Products and Corporate Sales at Itaú Unibanco.

"Through the launch of Pix no Mundo in collaboration with Banco Itaú, Brazilians living and traveling throughout Latin America can enjoy the payment experience offered by Pix. This aligns with our vision of democratizing access to financial services. We are confident that this payment method will be well-received by consumers and businesses in the region, and its usage will expand rapidly, offering cost savings for both merchants and Brazilian buyers throughout the region," stated Ronald Alvarenga, CEO of Inswitch.

This launch aims to bring the success of PIX in Brazil to other countries in Latin America. Pix no Mundo is already available in selected merchants in Uruguay, with plans to rapidly expand locally, reach Argentina, Paraguay and Chile, and eventually 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 a global leader in integrated financial technology, serving companies and organizations for the rapid deployment of their own digital financial services. With the Inswitch platform based on APIs, any company can choose the best solution for their specific needs. All this is done with a frictionless and fast 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 people's power of transformation and we do it through a strategic agenda focused on client centricity and digital transformation, based also on the diversity of our people. The largest bank in Latin America, Itaú Unibanco is present in 18 countries and 70 million customers, among individuals and companies in all segments, to whom we offer the best experiences in financial products and services. Itaú Unibanco has been selected for the 24th consecutive time to be part of the Dow Jones Sustainability World Index (DJSI World), being the only Latin American financial institution to be part of the index since its creation in 1999. www.itau.com.br 

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SOURCE Inswitch