Central Banks
In Brazil, a Central Bank Payment App is More Popular Than Any Card
- Pix app, launched in late 2020, keeps growing in popularity
- About 27% of cash transfers made through Pix in 2nd quarter
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Brazilians are letting go of plastic cards and increasingly showing their mobile phones when shopping, as an instant payment app created by the central bank grows in popularity.
Cash transfers made through the so-called Pix platform surpassed credit card payments for the first time in the fourth quarter of 2021 and have continued to grow since, according to central bank data published Tuesday.