Pix has led to a dramatic acceleration in financial inclusion, Carlos Brandt, head of Pix at the central bank, said at Fintech Nexus LatAm.
Brazil's instant payment system, Pix, has reached another milestone as its popularity continues to increase.
FedNow's launch is imminent, but the U.S. is lagging behind the rest of the world on real-time payments. It may be an advantage.
Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
Pix's massive success has triggered the fraudsters who always go where the action and money are congregating.
By the end of 2020, the Central Bank of Brazil launched its own instant payment system, called PIX, with the ambitious goal of speeding up and facilitating transactions.
Brazil's Pix has not only reshaped its national payment landscape but also emerged as a catalyst for financial innovation across Latin America, showcasing the potential of instant payment systems. By 2026, Pix is poised to become a dominant force in Brazil's digital economy, reflecting its significant impact on financial inclusion and market competition. Its rapid adoption and innovative features are now inspiring neighboring countries, paving the way for a comprehensive digital payment transformation throughout the region.
The central bank of Brazil is gearing up to launch Pix Automatico, a form of direct debit through instant payment system Pix.
Brazil and India are leading instant payment growth, with Pix and UPI accounting for over a third of total instant payments worldwide.
One of the most popular payment methods in Brazil, Pix is now set to take over online commerce too, a study by fintech EBANX shows.