Brazil’s Wildly Popular Instant-Payment System Is Going Global
- Pix is available for Brazilian tourists in Uruguay, Argentina
- It is more used than debit and credit cards in Brazil
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Brazil’s instant-payment system has quickly become a hit at home, with more than 160 million users since it was launched by the central bank in late 2020. Now the plan is to take it global.
As policymakers from the Group of 20 Nations meet in Sao Paulo this week, Brazil’s central bank is discussing how to make cross-border payments faster and cheaper. It considers its own free-transfer system, known as Pix, as part of the answer.