Pix: The Brazilian fast payments scheme

Breno Lobo and Carlos Eduardo Brandt
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Breno Lobo: Senior Adviser, Central Bank of Brazil, Brazil
Carlos Eduardo Brandt: Deputy Head of Competition and Financial Market Structure, Central Bank of Brazil, Brazil

Journal of Payments Strategy & Systems, 2021, vol. 15, issue 4, 367-375

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.

Keywords: Pix; fast payments; Brazil (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2021:v:15:i:4:p:367-375

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