By the end of 2020, the Central Bank of Brazil launched its own instant payment system, called PIX, with the ambitious goal of speeding up and facilitating transactions.
Instant payment system Pix has overtaken credit and debit cards as the most used means of payment in Brazil.
Open Finance turns three years in Brazil, and data shows it is growing at a steady pace, with over 40 million consents granted by users.
The president of the Central Bank of Brazil announced Pix protocols would be made available to other regulators.
Pix achieved the milestone of 3 billion monthly transactions in March, up from a previous record of 2.8 billion by the end of last year.
Brazil's instant payment system, Pix, has reached another milestone as its popularity continues to increase.
Pix has led to a dramatic acceleration in financial inclusion, Carlos Brandt, head of Pix at the central bank, said at Fintech Nexus LatAm.
As of May 2022, the PIX system had roughly 118 million users, 56% of Brazil's population.
Fiserv's initiative in Argentina will make Pix available to Brazilians outside their home country for the first time.
A survey by Fiserv indicate the growing use of modern payment methods in Brazil such as Pix, QR codes and online shopping.