Pix, a coveted success
Pix is the Brazilian instant payment scheme presented in 2020 by the Brazilian Central Bank (CBB). Today, it reports its huge success, having already been adopted by nearly 160 million users (75% of the Brazilian population). A success that arouses both lust and treachery.
FACTS
Pix has enabled 50 million unbanked people to access financial services according to the International Monetary Fund (IMF).
Today, the service has nearly 160 million users.
Its dominance is such on its market that it is now established as a reference capable of countering the attacks of outside giants. WhatsApp Pay, a competitor hoped by Meta, thus failed to win.
ISSUES
An example of sovereignty : The success of Pix represents model validation and demonstrates that a system driven by a central bank can compete with American giants such as Visa, MasterCard or Amex. To such an extent that the United States responded during the summer by opening an investigation against Brazil into "a number of business practices", without ever mentioning Pix directly.
Partial replicability in Europe The success of PIx can be a model for Europe, while the continent is working hard to create its own interoperable system. However, Pix has benefited from the obligation of large Brazilian banks to participate in the project, which is not the case for the European Payments Initiative (EPI) or EuroPA.
PERSPECTIVE
Pix illustrates the potential of a centralized, instant and universal payment system that continues to enrich its services as the launch of Pix Automático, facilitating recurring payments last June.
Its success questions the dependence of American actors and feeds the European reflection around the EPI/Wero for pan-European payments, Pix, which competed last autumn in Portugal and Spain, or the digital euro.
Europe could be inspired by Pix. Currently, the fragmentation of instant payment solutions and their uneven adoption hinder the emergence of a truly interoperable system. Nevertheless, EuroPA and PPE have finally chosen to collaborate to develop a sovereign and pan-European payment solution.
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