PIX
Pix is Brazil’s national instant payment system, created and operated by the Banco Central do Brasil and launched in November 2020. It enables real-time account-to-account transfers 24 hours a day, 365 days a year, using QR codes, copy-and-paste Pix keys, or phone number and tax ID identifiers. Adoption has been extraordinary: 76.4% of Brazil’s 211 million population used Pix in 2025, making it the country’s most widely used payment method by transaction count, ahead of debit cards and cash. In 2024 alone, approximately 64 billion transactions were processed via Pix, and person-to-business transaction volume grew 94% year on year.
In Brazilian e-commerce, Pix accounted for 42% of online purchases in 2024, edging past credit cards at 41% to become the leading e-commerce payment method by share. Projections from EBANX and PCMI indicate Pix’s e-commerce share will reach 45% by end of 2025 and 50% by 2028. For any merchant with Brazilian operations or cross-border Brazilian traffic, Pix is the single most important payment method to have in the checkout, ahead of Boleto, cards, and all other local methods.
The payment flow is straightforward. At checkout, the customer selects Pix, and the merchant’s processor generates a QR code. The customer opens their bank app, scans the QR code or copies the Pix key, confirms the transaction with their bank authentication, and the merchant receives instant settlement confirmation. The entire flow typically completes in under ten seconds.
For merchants, Pix offers several commercially compelling properties. Settlement is instant, 24/7, with no weekend or holiday delays. Merchant fees average approximately 0.33% per transaction, substantially below card processing costs in Brazil of 2 to 4% for credit and 1 to 2% for debit. There are no chargebacks under standard Pix conditions, as payments are bank-authenticated and push-based. No card credentials are shared with the merchant, reducing fraud exposure and PCI compliance scope.
Pix is also expanding its feature set. Pix Garantido, a structured instalment product allowing consumers to pay in instalments while the merchant receives full payment instantly, is in development and expected to be a significant BNPL-adjacent product when it launches. Pix Internacional, enabling cross-border use, is also under study by the Central Bank.
PSP access to Pix is broad. Most major providers with Brazil coverage support it, including Adyen, Stripe, EBANX, PagSeguro, and numerous specialist Brazilian payment processors. The Central Bank’s open architecture means any licensed PSP can participate directly or through indirect access.
Relevant markets: Brazil
