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Pix: The Brazilian fast payments scheme

Author

Listed:
  • Lobo, Breno

    (Senior Adviser, Central Bank of Brazil, Brazil)

  • Brandt, Carlos Eduardo

    (Deputy Head of Competition and Financial Market Structure, Central Bank of Brazil, Brazil)

Abstract

Pix, the Brazilian fast payments scheme, has enjoyed an impressive rate of adoption during its first year of operation. As this paper discusses, this is not simply due to its speed and 24/7 availability, but also such factors as convenience, reconciliation, openness, competitiveness, safety, low cost and the multiplicity of use cases. This paper also explores the role played by the Central Bank of Brazil in the implementation, management and operation of Pix, with a particular focus on the Pix rulebook and its settlement system. Finally, the paper shares some lessons learned from the Brazilian experience, including learnings regarding branding, focusing on the user and the rulebook (rather than the system), mandatory participation, minimum requirements, standardisation, fee structure, usability, use cases, governance and stakeholder engagement.

Suggested Citation

  • Lobo, Breno & Brandt, Carlos Eduardo, 2021. "Pix: The Brazilian fast payments scheme," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(4), pages 367-375, December.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:4:p:367-375
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    Citations

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    Cited by:

    1. Lucas A. Mariani & Jose Renato Haas Ornelas & Bernardo Ricca, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," Working Papers Series 576, Central Bank of Brazil, Research Department.
    2. Mariani, Lucas A. & Haas Ornelas, José Renato & Ricca, Bernardo, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," IDB Publications (Working Papers) 12812, Inter-American Development Bank.

    More about this item

    Keywords

    Pix; fast payments; Brazil;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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