PIX in Argentina: Brazilians already use a means of payment in the neighboring country

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Uso started improvising with Argentine merchants asking people with accounts in Brazil for help. However, there are companies creating solutions for using the PIX via QR Code. Casa Rosada, Balcarce, Buenos Aires, Argentina Edgardo Ibarra/Unplash “It’s crazy to go into the Cachafaz store, in Buenos Aires, next to the Boca Juniors stadium, and the girl speaks to you in Portuguese better than yours: “We accept PIX ‘”, reported a user on Twitter in February this year. “Today I bought two boxes of alfajor in Argentina and paid for it on the pix I love being Brazilian 😁😁😁”, another user posted this month. merchants at the San Telmo Antiques Fair accepting PIX during their travels across the country in March and April of this year, as he told g1. “I thought it was funny. I remember talking to my friends ‘how do they open an account in Brazil or receive this money?’”, she said. In improvisation The arrival of PIX in the country was really in improvisation. A BBC report in July showed that an Argentine saleswoman from Puerto Iguazú even asked a friend with an account in Brazil for help in order to receive money from a customer. The same report also reported that, in other parts of the city, merchants use the PIX through accounts of Brazilian family members and partners. As the processing of the PIX and the conversion of pesos or dollars into real take place in Brazil, the Brazilian customer pays an IOF fee of 0.38%, which is levied on foreign exchange operations in the country. The IOF is the Tax on Credit, Exchange and Insurance Operations, or related to Bonds or Securities. For each modality, there is a different fee. For international credit card purchases, for example, the percentage is higher, currently 5.38%. All this gimmick of Argentine merchants makes sense, as Brazilians are the third largest tourist group in Argentina, after Uruguayans and Chileans. And tourism in the region has been attractive in view of the strong devaluation of the Argentine peso against the currencies of neighboring countries and the dollar, especially after the victory of the extreme right candidate Javier Milei, in the presidential elections. PIX with QR Code KamiPay, an Argentine fintech for digital payments, launched a tool in June for Argentine businesses to be able to use PIX. Reproduction Kami The use of PIX in the country hermano can be, in many cases, impromptu, but, since June 2023, there are companies offering solutions for Argentine stores to be able to make the means of payment available. One of them is KamiPay, an Argentine fintech for digital payments that has launched a platform for this purpose. It works similarly to Brazil: the customer scans, with his cell phone, a QR Code provided by an application, and the shopkeeper, in turn, receives payment on time. The amount is debited in reais from the Brazilian customer’s account, while the Argentine merchant receives it in pesos or digital dollars. Why are there 6 types of dollar in Argentina? That’s what explains Matias Gorganchian, one of the founders of KamiPay. “The digital dollar is a currency denominated in dollars that is sent through the blockchain. This digital dollar can be exchanged instantly for local currency and deposited in any bank in Argentina”, he says. In the case of KamiPay, processing the PIX and converting pesos or dollars into reals also takes place in Brazil. Therefore, customers also pay the IOF rate of 0.38%, which is levied on foreign exchange transactions. Argentine merchant The Kami Pay application is contracted by any company in any city in the neighboring country, but, according to Gorganchian, the new tool is more used in tourist areas, such as Buenos Aires, Bariloche and Mendoza. “The advantage for Argentine commerce is that the payment is made in 20 seconds compared to the 10 working days it takes for credit card payments”, says Gorganchian. More companies eyeing the market But this platform is not the only one eyeing the Argentine market. In June, the American company Fiserv also released a statement informing the creation of a payment solution via QR Code. And he explained that the amount to be paid is also converted into reais at the time of purchase, “avoiding risks of exchange rate variations”. g1 contacted Fiserv to find out more details, but the company informed that it would not grant an interview due to lack of agenda. g1 also got in touch with the Central Bank of Brazil, which created the PIX, to find out if the body also intends to export this technology to Argentina. The municipality did not respond until the last update of this report. Will dollarizing Argentina’s economy solve the country’s economic crisis? See how to get a passport How to get a tourist visa for the USA

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