Brazil’s government-run payments system has become dominant
Pix has spiced up Brazil’s fusty banking sector, but it gives the central bank a worrying amount of power
In november 2020 the Central Bank of Brazil (BCB) launched Pix, a digital payment system, into the teeth of the covid-19 pandemic. Avoiding physical contact at a time when that was much desired, instantaneous, free and easy-to-use, Pix took off. Users need the recipient’s national ID number, phone number or a QR code to move money. By 2024 (see chart) it had become Brazil’s most popular payment technology, displacing both cash and cards. The number of transactions increased from 9bn in 2021 to 63bn in 2024, moving 26trn reais ($4.5trn). No country has adopted such a system faster.
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