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  • PIX: The Payment System That Is Transforming Brazil

    What is PIX?

    PIX is an instant payment system created by the Central Bank of Brazil, launched in November 2020. It allows transfers and payments to be made in real time, 24 hours a day, seven days a week, free of charge for individuals. Central Bank of Brazil

    Exponential Growth

    Since its launch, PIX has seen significant growth. In 2023, nearly 42 billion transactions were made through the system, representing a 75% increase compared to the previous year. Febraban

    Advantages for Users

    PIX offers several advantages for users, such as:

    • Speed: Transactions are carried out in real time.
    • Free of charge: No fees for individuals.
    • Accessibility: Available to all participating banks and individuals with a regular CPF.
    • Security: Uses cutting-edge technology to ensure transaction security.

    PIX Installments: A Revolution in Instant Credit

    One of the most anticipated new features of PIX is PIX Installments, which allows consumers to split purchases into multiple payments directly through the system, without needing a traditional credit card. This functionality expands PIX’s reach to higher-value purchases, making credit access quick and easy, without bureaucracy. PIX Installments is a solution that promises to transform consumption, especially for small and medium-sized businesses, which can offer this option directly to customers at lower costs than credit cards.

    Impact on Commerce

    PIX has proven to be an efficient tool for commerce, especially for small and medium-sized businesses. It reduces costs associated with credit card fees and improves cash flow by allowing merchants to receive payments immediately. The arrival of PIX Installments is expected to increase sales by offering more options and flexibility to consumers.

    Future Perspectives

    The Central Bank of Brazil continues to improve the PIX system with new features, such as “Automatic PIX,” which will allow recurring payments to be made easily, and is also expanding the reach of PIX Installments.

    References

  • Who Created PIX and How It Revolutionized Payments in Brazil

    The Creation of PIX

    PIX was created by the Central Bank of Brazil to modernize and simplify the country’s payment system. Development began in 2018, and the system was officially launched in November 2020. The initiative aimed to offer a fast, secure solution available 24/7, unlike traditional methods like TED, DOC, and cards.

    Who Was the Creator

    Although PIX is an initiative of the Central Bank, its development involved various internal technical teams and specialized fintech consultants. The then president of the Central Bank, Roberto Campos Neto, was one of the main supporters and drivers of the project, aiming to transform Brazil’s financial system and encourage digital innovation.

    How PIX Works

    PIX allows instant transfers and payments at any time of day, processing transactions in seconds. It is accessible through banking apps using PIX keys — such as CPF (tax ID), email, phone number, or a random key — to identify accounts, simplifying daily financial operations.

    Revolution in Payment Methods

    Before PIX, Brazilians depended on methods like TED and DOC, which only works during business hours and often charges fees. PIX removed these barriers by enabling instant, free transfers for individuals, increasing financial inclusion. Additionally, PIX introduced innovations such as installment payments, contactless payments, and integration with billing systems.

    Social and Economic Impact

    PIX significantly changed consumer and merchant behavior, facilitating e-commerce, bill payments, and even donations. The system’s speed and convenience encouraged the formalization of small businesses and expanded access to financial services for population segments previously excluded from the traditional banking system.

    References