# Pix (payment system)

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Brazilian instant payment ecosystem

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

**Pix** (Portuguese pronunciation: [\[ˈpiks\]](https://en.wikipedia.org/wiki/Help:IPA/Portuguese)) is an [instant payment](/source/Instant_payment) platform created and managed by the monetary authority of [Brazil](/source/Brazil), the [Central Bank of Brazil](/source/Central_Bank_of_Brazil) (BCB).[1] It enables instant transfers between individuals in [Brazilian real](/source/Brazilian_real) 24 hours a day and without interruptions, even outside banking hours, during holidays or weekends, with no fees. Payments made and received by legal entities may be subject to fees.[1][2][3]

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](/source/Central_Bank_of_Brazil) in February 2020.[8][9]

## Etymology

Look up ***[Pix](https://en.wiktionary.org/wiki/Pix)*** in Wiktionary, the free dictionary.

Pix is not an [acronym](/source/Acronym).[10][11] The goal of the [Central Bank](/source/Central_Bank_of_Brazil) at the time of its implementation was to associate the system with technology.[10][11][12] One suggested name was "Pi" (for "Pagamentos Instantâneos", lit. 'Instant Payments'), and another was "Tix" (for "Transações instantâneas X", lit. 'Instant Transactions'); the chosen solution was to [blend](/source/Blend_word) the two proposals, which led to the creation of "Pix".[12] The [x](/source/X) in the name is meant to represent [multiplication](/source/Multiplication)[12] or a [mathematical variable](/source/Variable_(mathematics)), 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](/source/Pixel),[10][11] which is said to be reflected in the logo design.[11]

## History and usage

[Ilan Goldfajn](/source/Ilan_Goldfajn) (left) was the president of the autonomous[13] [Central Bank](/source/Central_Bank_of_Brazil) when research began on what would later become Pix, during the administration of [Michel Temer](/source/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](/source/Central_Bank_of_Brazil), [Ilan Goldfajn](/source/Ilan_Goldfajn), signaled that the institution was preparing to launch a tool inspired by [Zelle](/source/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](/source/Board_of_directors) for review and was eventually approved.[15] In May 2018, during [Michel Temer](/source/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](/source/Roberto_Campos_Neto) during [Jair Bolsonaro](/source/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](/source/Bloomberg_News) 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$](/source/Brazilian_real)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,[\[update\]](https://en.wikipedia.org/w/index.php?title=Pix_(payment_system)&action=edit) Italy was considering a bilateral agreement with Brazil to implement the mechanism.[18][*[needs update](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items)*]

As of May 2025,[\[update\]](https://en.wikipedia.org/w/index.php?title=Pix_(payment_system)&action=edit) 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](/source/Banknote) and [coins](/source/Coin) in Brazil; in 2019, 43% of the population used cash, compared to just 6% in 2024, according to a [Google](/source/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](/source/Social_class), 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](/source/Debit_card) and 2.34% for [credit cards](/source/Credit_card).[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]

In July 2025, [Nobel Prize](/source/Nobel_Memorial_Prize_in_Economic_Sciences)–winning economist [Paul Krugman](/source/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](/source/Cryptocurrency) boosters claimed, falsely, to be able to deliver".[24][22][25]

[Colombian President](/source/Colombian_President) [Gustavo Petro](/source/Gustavo_Petro) has urged the expansion of Brazil’s Pix instant payment system to Colombia,[26] framing it as a tool for financial inclusion and regional integration while reducing dependence on U.S.-controlled mechanisms like the [OFAC](/source/OFAC) list.[27] He argued that Pix’s efficiency and accessibility could strengthen Latin American autonomy, while also criticizing the use of financial sanctions as instruments of political pressure.[28]

### United States government investigation

Main article: [2025 Brazil–United States diplomatic dispute](/source/2025_Brazil%E2%80%93United_States_diplomatic_dispute)

In July 2025, the [Office of the United States Trade Representative](/source/Office_of_the_United_States_Trade_Representative) launched an investigation into unfair trading practices by Brazil, focusing on electronic payment services, preferential tariffs, and anti-corruption interference. Among the reasons for the investigation, potential unfair advantaging of Brazilian payment services over US competitors was cited. This appeared to target Pix.[29][30] Brazilian President [Luiz Inácio Lula da Silva](/source/Luiz_In%C3%A1cio_Lula_da_Silva) has accused US president [Donald Trump](/source/Donald_Trump) of being "bothered by Pix" because it "will put an end to credit cards". Lula da Silva's administration has planned to launch a "massive" media campaign in defense of Pix, with the slogan "O Pix é do Brasil" [The Pix is Brazil's], in an effort to associate the system with [national sovereignty](/source/Nation_state).[31] Members of the Brazilian government accuse the investigation of being born of [lobbying](/source/Lobbying) by US [credit card companies](/source/Payment_card_industry) and [big tech firms](/source/Big_Tech).[32] Economist [Paul Krugman](/source/Paul_Krugman) accused the US of being pressured by the financial sector into the investigation.[33] [Fundação Getulio Vargas](/source/Funda%C3%A7%C3%A3o_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](/source/United_States_dollar). According to him, [Donald Trump](/source/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.[34]

## 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](/source/Boleto) and [ATM](/source/Cash_machine), 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.[35]

### 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](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

For individuals, the aliases can be personal data – such as their [CPF number](/source/CPF_number), e-mail address or cell phone number – or, alternatively, a random key (a [UUID](/source/UUID)). These can be turned into a QR code (static or dynamic) for ease of use. Companies use their [CNPJ number](/source/CNPJ).[35][36][37]

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](https://en.wikipedia.org/w/index.php?title=Brazilian_Payment_System&action=edit&redlink=1) [[pt](https://pt.wikipedia.org/wiki/Sistema_de_Pagamentos_Brasileiro)] (TED and DOC).[38]

## 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.[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

## See also

- [Instant payment § Notable instant payment systems by country](/source/Instant_payment#Notable_instant_payment_systems_by_country)

- [BRICS Pay](/source/BRICS_Pay) – Distributed payment messaging mechanism system

## References

1. ^ [***a***](#cite_ref-pix-faq_1-0) [***b***](#cite_ref-pix-faq_1-1) ["Pix frequently asked questions"](https://www.bcb.gov.br/en/financialstability/pixfaqen). *[Central Bank of Brazil](/source/Central_Bank_of_Brazil)*. May 2024. Retrieved 23 July 2025.

1. ^ [***a***](#cite_ref-reuters-2020_2-0) [***b***](#cite_ref-reuters-2020_2-1) [***c***](#cite_ref-reuters-2020_2-2) McGeever, Jamie; Ayres, Marcela; Mandl, Carolina (16 November 2020). ["Brazil launches 'Pix' instant payments system, Whatsapp to enter 'soon'"](https://www.reuters.com/article/us-brazil-banks-payment-platform/brazil-launches-pix-instant-payments-system-whatsapp-to-enter-soon-idUSKBN27W25C). *[Reuters](/source/Reuters)*. Retrieved 23 July 2025.

1. ^ [***a***](#cite_ref-wise_3-0) [***b***](#cite_ref-wise_3-1) Peratello, Gabriela (6 March 2023). ["What is Pix payment? How does it work? Your full guide"](https://wise.com/us/blog/what-is-pix-payment). *[Wise](/source/Wise_(company))*. Retrieved 23 July 2025.

1. **[^](#cite_ref-4)** Heun, David (24 February 2020). ["Brazil prepares for launch of instant payments"](https://www.americanbanker.com/payments/news/brazil-prepares-for-launch-of-instant-payments). *[American Banker](/source/American_Banker)*. Retrieved 7 October 2021.

1. **[^](#cite_ref-5)** ["Agenda BC# – Pix starts its full operation with 734 institutions on November 16, 2020"](https://www.bcb.gov.br/en/pressdetail/2361/nota). *[Central Bank of Brazil](/source/Central_Bank_of_Brazil)*. 16 November 2020.

1. ^ [***a***](#cite_ref-agencia-brasil_6-0) [***b***](#cite_ref-agencia-brasil_6-1) Franco, Nádia, ed. (16 November 2022). ["Pix becomes most used instant payment system in Brazil"](https://agenciabrasil.ebc.com.br/en/economia/noticia/2022-11/pix-consolidates-itself-most-used-means-payment-country). *[Agência Brasil](/source/Ag%C3%AAncia_Brasil)*. Translated by Nunes, Mário. [São Paulo](/source/S%C3%A3o_Paulo). Retrieved 23 July 2025.

1. **[^](#cite_ref-sarkisyan2024_7-0)** Sarkisyan, Sergey (12 June 2024). ["Instant Payment Systems and Competition for Deposits"](https://ssrn.com/abstract=4176990). *Jacobs Levy Equity Management Center for Quantitative Financial Research Paper*. [doi](/source/Doi_(identifier)):[10.2139/ssrn.4176990](https://doi.org/10.2139%2Fssrn.4176990).

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1. **[^](#cite_ref-16)** Capurro, Maria Eloisa (6 October 2021). ["Brazil's Central Bank Built a Mobile Payment System With 110 Million Users"](https://www.bloomberg.com/news/articles/2021-10-06/pix-mobile-payment-how-brazil-s-central-bank-launched-platform?srnd=premium&sref=CIpmV6x8). *Bloomberg.com*. Retrieved 7 October 2021.

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1. **[^](#cite_ref-30)** ["Initiation of Section 301 Investigation: Brazil's Acts, Policies, and Practices Related to Digital Trade and Electronic Payment Services; Unfair, Preferential Tariffs; Anti-Corruption Enforcement; Intellectual Property Protection; Ethanol Market Access; and Illegal Deforestation; Hearing; and Request for Public Comments"](https://www.govinfo.gov/content/pkg/FR-2025-07-18/pdf/2025-13498.pdf) (PDF). Office of the United States Trade Representative.

1. **[^](#cite_ref-31)** [Bergamo, Mônica](https://en.wikipedia.org/w/index.php?title=M%C3%B4nica_Bergamo&action=edit&redlink=1) (25 July 2025). ["Governo Lula lançará campanha em defesa do Pix como reação a ameaças de Trump"](https://www1.folha.uol.com.br/colunas/monicabergamo/2025/07/governo-lula-lancara-campanha-em-defesa-do-pix-como-reacao-a-ameacas-de-trump.shtml) [Lula government will launch campaign in defense of Pix as reaction to Trump's threats]. *[Folha de S.Paulo](/source/Folha_de_S.Paulo)* (in Portuguese). [Archived](https://web.archive.org/web/20250726232822/https://www1.folha.uol.com.br/colunas/monicabergamo/2025/07/governo-lula-lancara-campanha-em-defesa-do-pix-como-reacao-a-ameacas-de-trump.shtml) from the original on 26 July 2025.

1. **[^](#cite_ref-32)** Santos, José Matheus (17 July 2025). ["Trump está incomodado porque o Pix vai acabar com o cartão de crédito, diz Lula"](https://www1.folha.uol.com.br/mercado/2025/07/trump-esta-incomodado-porque-o-pix-vai-acabar-com-o-cartao-de-credito-diz-lula.shtml) [Trump is bothered because Pix is going to put an end to the credit card, says Lula]. *[Folha de S.Paulo](/source/Folha_de_S.Paulo)* (in Portuguese). [Archived](https://web.archive.org/web/20250726232214/https://www1.folha.uol.com.br/mercado/2025/07/trump-esta-incomodado-porque-o-pix-vai-acabar-com-o-cartao-de-credito-diz-lula.shtml) from the original on 26 July 2025.

1. **[^](#cite_ref-33)** ["Krugman elogia o Pix e explica por que ele assusta tanto Trump e os bancos americanos"](https://oglobo.globo.com/economia/noticia/2025/07/22/krugman-elogia-o-pix-e-explica-por-que-ele-assusta-tanto-trump-e-os-bancos-americanos.ghtml) [Krugman praises Pix and explains why it scares Trump and American banks so much]. *[O GLOBO](/source/O_GLOBO)* (in Portuguese). 22 July 2025. [Archived](https://web.archive.org/web/20250726221640/https://oglobo.globo.com/economia/noticia/2025/07/22/krugman-elogia-o-pix-e-explica-por-que-ele-assusta-tanto-trump-e-os-bancos-americanos.ghtml) from the original on 26 July 2025.

1. **[^](#cite_ref-34)** Gallo, Fabio (25 July 2025). ["Trump tem medo do Pix"](https://www.estadao.com.br/economia/fabio-gallo/trump-medo-pix/) [Trump is afraid of Pix]. *[Estadão](/source/Estad%C3%A3o)* (in Portuguese). [Archived](https://web.archive.org/web/20250726145013/https://www.estadao.com.br/economia/fabio-gallo/trump-medo-pix/) from the original on 26 July 2025.

1. ^ [***a***](#cite_ref-:6_35-0) [***b***](#cite_ref-:6_35-1) ["Banco Central do Brasil"](https://www.bcb.gov.br/en/financialstability/pix_en). *www.bcb.gov.br* (in Brazilian Portuguese). Retrieved 19 April 2026.

1. **[^](#cite_ref-36)** Team, Brazilian Finance (17 April 2026). ["How to Create a Brazilian PIX Account"](https://brazilianfinance.com/guides/how-to-create-pix). *Brazilian Finance*. Retrieved 19 April 2026.

1. **[^](#cite_ref-37)** ["Pix: Instant Payment for E-Commerce"](https://www.pagbrasil.com/payment-methods/pix/). *[PagBrasil](https://en.wikipedia.org/w/index.php?title=PagBrasil&action=edit&redlink=1)*. Retrieved 19 April 2026.

1. **[^](#cite_ref-38)** ["Dá para mandar e receber dinheiro se alguma das pessoas não tiver o Pix?"](https://economia.uol.com.br/noticias/redacao/2020/11/18/pix-sem-usar-a-chave-e-possivel-mas-da-mais-trabalho.htm). *[UOL](/source/Universo_Online)* (in Portuguese). Retrieved 16 November 2021.

## Further reading

- Ayres, Marcela (2 April 2024). Haynes, Brad; Zieminski, Nick (eds.). ["Brazil's Pix payments are killing cash. Are credit cards next?"](https://www.reuters.com/business/finance/brazils-pix-payments-are-killing-cash-are-credit-cards-next-2024-04-02/). *[Reuters](/source/Reuters)*. Retrieved 23 July 2025.

## External links

Media related to [Pix (payment system)](https://commons.wikimedia.org/wiki/Category:Pix_(payment_system)) at Wikimedia Commons

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Adapted from the Wikipedia article [Pix (payment system)](https://en.wikipedia.org/wiki/Pix_(payment_system)) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Pix_(payment_system)?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.