Pix (payment system)

Pix is an instant payment platform created and managed by the monetary authority of Brazil, the Central Bank of Brazil (BCB).^[1] It enables instantaneous payments and transfers in Brazilian real, even outside banking hours or on weekends, with no fees.^[1][2][3]

Pix
Developer(s)	Central Bank of Brazil
Initial release	5 October 2020; 4 years ago (2020-10-05)
Repository	github.com/bacen/pix-api
Available in	Brazilian Portuguese
Type	E-commerce payment system
License	Apache License
Website	www.bcb.gov.br/en/financialstability/pix_en

Pix was announced in February 2019 and became fully operational on 16 November 2020.^{[2][3][4][5][6]} It rapidly became the main payment system in the country;^[6] by July 2024, Pix transactions had reached almost R$2.5 trillion per month, with more than 70% of the country (over 150 million people) actively using it.^[7]

The "Pix" brand name and logo were created in-house by the Central Bank of Brazil in February 2020.^[8][9]

Etymology

Pix is not an acronym.^[10][11] The goal of the Central Bank at the time of its implementation was to associate the system with technology.^[10][11][12] One suggested name was "Pi" (for "Pagamentos Instantâneos"), and another was "Tix" (for "Transações instantâneas X"); the chosen solution was to blend the two proposals, which led to the creation of "Pix".^[12] The x in the name was meant to represent multiplication^[12] or a mathematical variable, symbolizing the "various possible uses" of Pix, such as payments between individuals, businesses, and the government, among others.^[10] Some sources also relate the name Pix to the concept of a pixel,^[10][11] which is said to be reflected in the logo design.^[11]

History and usage

Ilan Goldfajn (left) was the president of the autonomous^[13] Central Bank when research began on what would later become Pix, during the administration of Michel Temer (right).

Members of the team responsible for Pix state that the system had already existed "in concept" since 2016; in December of that year, the then-president of the Central Bank, Ilan Goldfajn, signaled that the institution was preparing to launch a tool inspired by Zelle, which had been announced shortly before in the United States. Still that year, Central Bank staff had produced a report titled "Fast payments – Enhancing the speed and availability of retail payments"^[14] on the benefits and design of instant payment systems. The Central Bank's technical team concluded that implementing such an instant payment system would be "excellent" policy; the proposal was submitted to the board of directors for review and was eventually approved.^[15] In May 2018, during Michel Temer's administration, Goldfajn created an internal working group called "Pagamentos Instantâneos" to develop the basic specifications of what would later become Pix. The project was carried forward by Roberto Campos Neto during Jair Bolsonaro's administration. In November 2020, the system was finally launched.^[13][15]

The Central Bank of Brazil launched Pix in part to spur competition in the country's banking industry.^[2] Bloomberg referred to the system as "ubiquitous" in Brazil in October 2021, a year after Pix's release.^[16] In November 2021, it was reported that the system had already made more than 6 billion transactions, totaling an amount of R$3.75 trillion (about US$682 billion). In 2023, Pix was the main payment system in Brazil, totaling 42 billion transactions.^[17]

As of February 2024,^[update] Italy was considering a bilateral agreement with Brazil to implement the mechanism.^{[18][needs update]}

As of May 2025,^[update] Pix had accumulated over 175 million users, of which 160 million were individuals and the remainder were businesses.^[19] Pix is credited with the decline in the use of physical banknotes and coins in Brazil; in 2019, 43% of the population used cash, compared to just 6% in 2024, according to a Google survey. Pix is used by 93% of the Brazilian adult population, with 62% using it as their most frequent payment method, and it already accounted for 47% of financial transactions in Brazil by the end of 2024. Its adoption is widespread across all age groups, social classes, and regions.^[20][21] The transaction cost is free for individuals, and 0.33% for businesses and merchants, compared to 1.13% for debit cards and 2.34% for credit cards.^[22]

In July 2025, the system was affected by a cyberattack on the software company C&M, which resulted in the theft of more than R$540 million (US$100 million).^[23]

Donald Trump–led United States government investigation

In July 2025, Nobel Prize–winning economist Paul Krugman praised Pix and suggested that with it, Brazil may have invented the "future of money" and that the Brazilian payment system is "actually achieving what cryptocurrency boosters claimed, falsely, to be able to deliver".^[24][22][25] This statement came the week after the United States government launched an investigation into Pix over alleged unfair competition; according to Krugman, the American financial sector holds too much power and would never allow a superior public system to compete with its products.^[26] Fundação Getulio Vargas Finance professor Fabio Gallo, regarding this investigation, stated that Pix is inspiring other countries to develop their own solutions, thereby weakening the dollar. According to him, Donald Trump does not fear Pix itself, but what it represents: the "end of the Western financial monopoly", in which the U.S. is no longer able to track, tax, or block transactions.^[27] Brazilian President Luiz Inácio Lula da Silva stated that Trump is "bothered by Pix" because it "will put an end to credit cards"; according to Folha de S.Paulo, members of the Brazilian government link U.S. pressure to lobbying by credit card companies and big tech firms—Pix has impacted companies like Visa and Mastercard.^[28] As of 25 July 2025,^[update] Lula da Silva's administration also planned to launch a "massive" campaign in defense of Pix, to be broadcast on radio and TV, reinforcing the slogan "O Pix é do Brasil", associating the system with national sovereignty.^[29]

Features

The Brazilian instant payment ecosystem (Pix) was created with the aim of reducing cash transactions and offering an alternative to existing payment instruments, such as bank slip or boleto and ATM, as well as being faster and more affordable. The main advantages of Pix are its full-time availability, the speed of transactions using the system, low-cost functionality, convenience, versatility, open environment, and safety.^{[citation needed]}

Aliases

Pix allows instant payment between individuals and among individuals, companies, and government (P2P, P2B, B2B, P2G, and B2G). To perform an instant transfer or payment, the payer will need the receiver's Pix alias, or key – the "nickname" used to identify the receiver's transactional account.^{[citation needed]}

For individuals, the aliases can be personal data – such as their CPF number, e-mail address or cell phone number – or, alternatively, a random key (a UUID). These can be turned into a QR code (static or dynamic) for ease of use. Companies use their CNPJ number.^{[citation needed]}

Individuals can create up to five keys for each account they own, while companies can create up to twenty keys; each Pix alias must be associated with only one transactional account; and to pay with Pix it is not necessary to register a Pix alias/key, using the same information that is required to transfer money through other systems of the Brazilian Payment System [pt] (TED and DOC).^[30]

Ecosystem

Pix is a structured ecosystem that allows carrying out financial payments and transfers instantly. The BCB is responsible for the management and operation of Pix's operational frameworks: the instant payment System (SPI), which is the only infrastructure for instant payments settlement; as well as the "Transaction Accounts Identifier Directory" (DICT), the database linking Pix keys/aliases and the users' transactional account information.

See also

• FedNow
• RIX [sv]
• Instant payment