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Pix Explainer 2024

How Brazil’s Instant Payments System Is Revolutionizing Financial Services

About This Report
Cash is no longer king in Brazil after being dethroned by the central bank’s instant payments system, Pix. This report explores who’s using Pix (nearly two-thirds of the population), what’s fueling its immense popularity, and how it will reshape Brazil’s payments landscape this year and beyond.
Table of Contents

Pix is a state-owned instant payments system in Brazil that allows people, companies, and government entities to make money transfers 24 hours a day, seven days a week, in a matter of seconds. Its immense popularity has dethroned cash as king and is putting card networks and Brazil’s three-decades-old cash-based payment voucher—the boleto bancário—on notice.

Key Question: What’s driving Pix’s immense popularity in Brazil, and how will it reshape the country’s payments industry?

Key Stat: Roughly 145 million consumers in Brazil made more than 36 billion Pix transactions in 2023, according to official figures from the country’s central bank. That’s nearly two-thirds of the country’s entire population—or 86.0% of adults ages 16 and older—and represents over a third of all banking transactions.

Here’s what’s in the full report


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Table of Contents

  1. Executive Summary
  2. Pix is a must-have in today’s increasingly digital-first world
  3. Pix was the central bank’s answer to bringing Brazil’s payment industry into the 21st century
  1. Pix is taking consumers and businesses in Brazil by storm
  2. What’s fueling Pix’s rapid growth and adoption?
  3. What implications does Pix have for Brazil’s payments industry?
  1. Listen Next
  2. Sources
  3. Media Gallery


Matteo Ceurvels


Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Paola Flores-Marquez
Researcher, Latin America & Spain
David Morris
Principal Analyst
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