🎉 Brazil🇧🇷: Argentine wallet MODO🇦🇷 integrates Pix payments via QR code

🎉 Brazil🇧🇷: Argentine wallet MODO🇦🇷 integrates Pix payments via QR code

Digital wallets are increasingly acting as “bridges” between different national financial systems.

👉 MODO users will be able to make payments in Brazil directly from their Argentine bank accounts, without the need for physical cards, by using the unified QR code introduced by the Central Bank of the Argentine Republic in July 2024.

👉 Transaction amounts are debited in US dollars (USD) from the user’s USD-denominated account, then automatically converted into Brazilian reais (BRL) at the prevailing exchange rate and instantly credited to the Brazilian merchant’s account. The use of Argentine peso–denominated accounts is expected to be enabled in the future, although this model remains under evaluation.

👉 Additional information: the Modo wallet was developed with the support of the Central Bank and is integrated with 37 Argentine banks. However, it competes with other wallets such as Personal Pay, Ualá, Brubank, and others that also offer Pix payments in Brazil.

👉 Context: according to a survey of 6,200 Argentinians traveling to Brazil, 61% prefer paying with Pix, 49% with cash, and 45.7% with cards. 80.6% use Pix for approximately half of their travel expenses, while 40.5% rely on it as their sole payment method.

The expansion of cross-border A2A (account-to-account) payments further underscores the need for regulators and financial institutions to strengthen regulatory compliance frameworks, transaction monitoring and fraud prevention mechanisms.

#news #Argentina #Brazil #Pix

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