Brazil's Central Bank launched Pix, a digital payment system, in November 2020.
Pix quickly gained popularity due to its ease of use, speed, and avoidance of physical contact during the COVID-19 pandemic.
By 2024, Pix had become Brazil's most popular payment technology, exceeding both cash and card transactions.
The number of Pix transactions surged from 9 billion in 2021 to 63 billion in 2024.
The total value of transactions reached 26 trillion reais ($4.5 trillion) in 2024.
No other country has adopted a similar payment system as quickly as Brazil has adopted Pix.
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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