Latin America Advisor

Financial Services Advisor

A Publication of The Dialogue

What Does Brazil’s Pix Mean for the Payments Sector?

The Brazilian central bank’s Pix payment system has grown in popularity in the three years since it was introduced. // File Photo: Brazilian Government.

Pix, the Brazilian central bank’s three-year-old digital payment system, has become the most preferred payment method in the South American country, Bloomberg News reported Oct. 20. Central bank chief Roberto Campos Neto said he expects such systems to eventually replace traditional credit and debit cards. What are the main reasons behind Pix’s widespread use in Brazil, and will it continue seeing strong growth? How likely are other countries in the region to develop and adopt similar digital payment systems? What will be the impact of Pix and other such payment methods for traditional banks and payment card processors?

Cesar Boralli, senior consultant at Payments and Commerce Market Intelligence: “Pix has experienced rapid growth in Brazil and is poised for continued expansion in the coming years. The collaborative effort between the central bank and market participants was crucial in ensuring interoperability and cost-free person-to-person transactions. Mandates to commercial banks at the inception of Pix reinforced its adoption. On the consumer side, Pix is widely offered by both banks and non-banks, facilitated by the supportive ‘payment institution’ law (12,865/2013), which enables seamless transitions from cash to digital accounts. Beyond peer-to-peer transactions and cash displacement, there’s a rising demand for person-to-merchant transactions, both online and offline. Merchants nationwide are incentivizing Pix with discounts and cash back offers. While Brazil spearheads this payment infrastructure, other countries in the region are…”

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About the Financial Services Advisor

Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at

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