Pix, the Brazilian payment system challenging Visa and Mastercard

Pix became the most successful payment system in Latin America and is now the subject of a global trade dispute. The Brazilian instant payment system has 176 million users, nearly 80% of the population, and moves billions of transactions per month.

How it works

Pix was developed by technicians at Brazil’s central bank, is free for individuals and transfers money in seconds, 24 hours a day. That combination made it popular across the country and displaced cards in millions of everyday transactions.

The dispute with the US

The US government included Pix in a trade investigation and applied tariffs to Brazil, arguing unfair competition against giants like Visa and Mastercard. The dispute shows how state-driven financial inclusion can clash with the interests of major international networks.

The key figure

176 million users. The size of a payments revolution that Latin America watches closely as a model of financial inclusion.