The huge growth in digital payments in Brazil has reached another teacher.
As of the end of 2024, Pix, a government -backed system in the country, which enables citizens to exchange money smoothly over their mobile phones, has become the way the country’s favorite transactions, the transcendence of money, credit cards, and traditional electronic transactions for banks.
According to the numbers of Banco Central Do Brazil, 76.4 % of the country’s 211 million population are now using pixels, followed by discount cards with 69.1 % and 68.9 %.
“Pix has transformed the Brazilian economy, it has expanded a financial listing, an official part of the informal economy, and giving the government a greater vision of transactions,” explains Rignaldo Nougira, the national director of the Brazilian Capital Markets Institute (IBMEC).
He adds: “It is not just an innovation in payment; it is a structural restoration of how to trade money and how the state collects revenues.” According to the Brazilian Banking Union, there were 68.7 billion pixels in 2024 alone, an increase of 52 % over the previous year, with a value of about 5 trillion dollars.
The tremendous increase was due to the increase in transactions from person to business through the system, which recorded a 90 % jump on an annual basis in 2024, according to a study conducted by Maturra Research.
PIX recorded the largest size for one day on December 20, 2024, when the system treated 252.1 million transactions.
“The digitization agenda at the central bank, led by Pix, is in full swing and turns how the Brazilians pay,” said Rodrigo Texira, Director of the Central Bank. The central bank aims to expand Piixs on the credit aspect, integrate features such as installments payments and enable future PIX transactions to be accepted as a guarantee in lending transactions.
PIX also grows on the side of Stablecoin, where the central bank recorded a huge increase in transactions that are linked (A Stablecoin to US dollar) on PIX this year. “With the encryption account and Pix, anyone can transfer money in an actual time, reach up to 180,000 world assets,” explains Countnay Guimarães, head of digital assets at Bradesco Bank.
