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UnionPay plans Pix payments for Chinese tourists amid US Brazil tariff fight
The Pix system, launched by Brazil’s central bank in November 2020, is used by about 15 million merchants and is free for individuals to use, according to Chinese state media.
China’s UnionPay International plans to connect Chinese payment apps to Brazil’s Pix, enabling Chinese tourists to pay at Brazilian merchants by scanning a code, Chinese state media said. The pilot would let users of the UnionPay app, and certain Chinese bank apps linked to its platform, pay from the account they use at home.
The plan targets Pix, which is at the center of a Washington trade case involving Brazil, as described in the report. Chinese state media said access would later expand to other digital wallets across UnionPay’s global network.
Pix has grown since the Brazilian central bank launched it in November 2020, becoming the default way Brazilians move money. The central bank report notes Pix transfers between accounts in seconds at any hour and costs individuals nothing, with reach to about 15 million merchants.
The report also highlights Brazil’s central bank role in both regulating the payment industry and running Pix. It says American card companies have argued the central bank’s dual role tilted the market against them.