According to Bloomberg, the Central Bank of Brazil is looking to take the country’s instant payment system, Pix, to the global stage.
The Pix has quickly become a household name in the country, with over 160 million users adopting the payment method since its launch by the Central Bank at the end of 2020, according to the report. Its rapid adoption in Brazil even surprised its creators, becoming a ubiquitous app in the country within a few months.
This popularity has attracted interest from authorities in Latin America, Europe, and Africa, the report said.
Now, the Central Bank of Brazil is exploring agreements to connect Pix to platforms worldwide, according to the report. Italy has already expressed interest in a bilateral agreement with Pix.
Five Asian countries are already testing the platform for instant cross-border transactions.
Brazilian tourists in neighboring countries like Argentina and Uruguay can now use Pix to pay for services such as restaurants and hotels, according to the report. The system allows Brazilians to pay in reais through a QR code linked to a digital wallet, while businesses receive the money instantly in local currency, U.S. dollars, or stablecoins.
The president of the Central Bank of Brazil, Roberto Campos Neto, sees Pix as a tool to build a more efficient and inclusive financial system in Brazil, the report said. While about 30% of the country’s population did not have bank accounts before the launch of Pix, now only 16% of the population is unbanked.
PYMNTS Intelligence found that 82% of Brazilian consumers said that Pix has a positive or very positive impact on their lives.
Forty-three percent of Brazilian consumers use the instant payment platform daily, while only 29% do the same with credit cards and 21% with cash, according to “Promising Payments: Digital Payments Gain Ground in Latin America,” a collaboration between PYMNTS Intelligence and Galileo.
Source: PYMNTS and Bloomberg